Jennie, this was one of your best and most informative videos... I fall on the pro-HOA side of the fence, believing that generally the HOA acts to enhance value in the community. I have also been a board member of an HOA (talk about a TIME BANDIT)... and I was one of the rare people who volunteered NOT in order to change or remove a rule that I didnt like... (such as on street parking, or changing house colour)... Your point about special assessments is VERY important for those considering townhomes or other attached condos... We had a second home in a condo complex that underwent a MAJOR special assessment to replace siding and roofing at about building age 20... and the unit we owned was the smallest of the three floor plans, with an assessed tax value 40% below the highest value floor plans, but our special assessment was based on number of units (138), not pro-rated on square footage... (so we got the short end of the stick)... I was glad you mentioned rental restrictions... when I was on a board, renters were just under 20% of the units (it was kind of entry-level housing from a price POV, suiting well as a second home)... but the renters caused 90+% of the problems in the community, exacerbated by absentee owners who left things in the hands of offsite property managers without a stake in the game... Also, note that any HOA or tract CC&R's are available to potential buyers, so you can investigate first to see if your hot points are covered before you go too far down the road on a property (or worse, get emotionally attached too soon) Cheers... and you should do more outdoor videos to prove that the wind doesnt blow 30 mph every day... Mike
Amanda - it's possible, but not really likely. The CC&Rs probably have a certain percentage of the neighborhood that must agree to form an HOA. Depending on the criteria set out in the CC&Rs, or if there are none then by a court, it's possible. In my experience it would be a pretty heavy lift to get a majority of any neighborhood in this area to agree to an HOA after the fact. But hypothetically, I suppose it could happen!
Jennie, this was one of your best and most informative videos... I fall on the pro-HOA side of the fence, believing that generally the HOA acts to enhance value in the community. I have also been a board member of an HOA (talk about a TIME BANDIT)... and I was one of the rare people who volunteered NOT in order to change or remove a rule that I didnt like... (such as on street parking, or changing house colour)...
Your point about special assessments is VERY important for those considering townhomes or other attached condos... We had a second home in a condo complex that underwent a MAJOR special assessment to replace siding and roofing at about building age 20... and the unit we owned was the smallest of the three floor plans, with an assessed tax value 40% below the highest value floor plans, but our special assessment was based on number of units (138), not pro-rated on square footage... (so we got the short end of the stick)...
I was glad you mentioned rental restrictions... when I was on a board, renters were just under 20% of the units (it was kind of entry-level housing from a price POV, suiting well as a second home)... but the renters caused 90+% of the problems in the community, exacerbated by absentee owners who left things in the hands of offsite property managers without a stake in the game...
Also, note that any HOA or tract CC&R's are available to potential buyers, so you can investigate first to see if your hot points are covered before you go too far down the road on a property (or worse, get emotionally attached too soon)
Cheers... and you should do more outdoor videos to prove that the wind doesnt blow 30 mph every day... Mike
Mike - great input, thank you! Valuable information!
Can HOAs be added in a community where the CC&R mentions it is possible but no HOAs now? How would that work?
Amanda - it's possible, but not really likely. The CC&Rs probably have a certain percentage of the neighborhood that must agree to form an HOA. Depending on the criteria set out in the CC&Rs, or if there are none then by a court, it's possible. In my experience it would be a pretty heavy lift to get a majority of any neighborhood in this area to agree to an HOA after the fact. But hypothetically, I suppose it could happen!
🤣 *PromoSM*