WHAT YOU NEED TO KNOW ABOUT AN HOA

If you are in the market to purchase a luxury home here at the Lake of the Ozarks in a development that has a Homeowner’s Association, Luxury Lake Home would like to give you information, and the potential pros and cons.



A Homeowner’s Association, commonly referred to as an HOA, is an organization formed to enforce rules and guidelines in a subdivision, planned development, or condominium complex. When purchasing a property in a community that has an HOA, the homeowner becomes a member of that association and must pay the dues associated with that membership. These dues go towards the continued maintenance and improvements of the development, and to maintain any shared facilities such as a community clubhouse and pool. The dues, or assessments, can vary depending on the size of the development, and the amenities provided to its homeowners and are subject to increase with the changing times.

The Board of Directors of an HOA hold elected positions from homeowners within the development, and holds meetings throughout the year for all residents to attend and share their collective thoughts and ideas for the betterment of their community.


Most HOAs have their own set of bylaws, rules, and regulations that the homeowners and their guests are required to abide by within the development.

Knowing this, Luxury Lake Home would like to present some important questions to ask before considering purchasing a property in a development with an HOA.
  1. How long has the HOA been in existence?
  2. Can I see the HOA documents before I purchase?
  3. What is the annual budget?
  4. Are there enough funds in the HOA reserve?
  5. How often have the dues increased?
  6. Can I read minutes from past meetings?
  7. What are the rules and/or fines for potentially breaking those rules?
  8. Are there restrictions on pets?
  9. Are there specific rules for home improvements, or outdoor decorations for holidays, etc?
  10. Are rentals allowed within the development?

 ADVANTAGES OF AN HOA:

  • May increase the value of your property
  • Providing community amenities to homeowners
  • Help resolve any potential disputes between homeowners’
DISADVANTAGES OF AN HOA:
  • Can present excessive restrictions
  • Can hold more power than the individual homeowners
  • Monthly or annual fees (assessments)
Information credit: MasterClass.com

It is important to have this information available when making your decision to purchase a luxury property here at the Lake of the Ozarks.

Our agents here at Luxury Lake Home have extensive knowledge of the luxury real estate market here at the Lake of the Ozarks and its premier developments. You can trust that we will be able to answer any and all of your questions or concerns.

If you are looking to relocate to a luxury home here at the Lake of the Ozarks look no further than Matt Schrimpf and our team at Luxury Lake Home! We can't wait to help you find the property perfect for you and your family!


 
MATTHEW SCHRIMPF

Berkshire Hathaway HomeServices
Lake Ozark Realty



Direct Phone : (573) 365-7333
Cell Phone : (573) 434-6026

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Location: VLG OF 4 SSNS, MO 65049, USA

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