Century 21 Hardee-Team Realty, The Leavell Team[/caption]
Jennifer Leavell Century 21 Hardee-Team Realty, The Leavell Team
How does a homeowners association work? There’s a management company that’s hired to oversee, collect dues and enforce deed restrictions. On top of that, there’s typically a board that’s elected from the community that volunteers to oversee things, such as [common areas like parks and pools], repairs and maintenance. This committee can oversee approvals such as architectural [improvements] and maintenance on homes within the community. The homeowners within the community will pay a yearly fee to the management company, and these dues provide for expenses related to the maintenance of the subdivision.
What benefits may an HOA bring to residents? The biggest benefit an HOA brings to its residents is the enforcement of deed restrictions. In other words, as much as homeowners complain about this enforcement, the truth is these enforcements keep the community looking as good as possible to prospective buyers. An HOA also takes some of the burden off of the original homeowner in having to have those uncomfortable conversations with the neighbor next door who’s chosen to not follow the restrictions.
What is the average cost of an HOA for Magnolia/Tomball residents? In Tomball and Magnolia, we have such a variance when it comes to the cost of an HOA. Amenities obviously play the biggest part in what the yearly due will be. I would say the majority of HOAs in the Tomball and Magnolia area range anywhere from $450 to $800 [annually].
What should buyers consider before purchasing a home governed by an HOA? People really need to consider their own lifestyle, what’s important to them. Before buying in the community just understand what the HOA rules and regulations are and make sure that fits your lifestyle. If it doesn’t, there’s enough of a variance to find a community that most likely will.