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FAQs regarding your HOA fee

February 5, 2019

If you have ever purchased a home or condo, or are currently in the process of doing so, you have likely heard the term “HOA.” All Grant & Co. neighborhoods are managed by a homeowners association, commonly referred to as an HOA. Our team receives inquiries quite often from clients regarding HOAs, so let’s take a few minutes to spotlight some of the most frequently asked questions.

What is an HOA?
A homeowners association is an organization that handles the upkeep of the common areas in a neighborhood. The group also establishes the standards of acceptable behavior for the community, such as how long Christmas lights can remain up after the holiday, how long trash cans be left at the end of the driveway and guidelines for outdoor structural elements or changes, among other things.

What is an HOA fee used for?
Homebuyers are required to pay an HOA fee to maintain the common areas like swimming pools, professional management fees such as lawn care and other miscellaneous items that are communicated by the developer upon the purchase on your home. 

How long does Grant & Co. manage the HOA?
After the last house in a neighborhood is sold, the HOA is transferred by the developer to a board of directors comprised of homeowners residing in the neighborhood. The board of directors is elected by all homeowners in the community. Meetings are typically held quarterly; however, impromptu meetings may be called to address issues when or if they arise.

What are CC&Rs?
CC&R stands for covenants, conditions and restrictions. These are the rules put in place by the HOA board of directors that communicate what residents can and cannot do to their property. CC&Rs are put in place to protect property values by ensuring they maintain a high-quality look and feel. 

How do HOAs enforce rules?
If a fellow homeowner breaks a rule set forth by the HOA, enforcement is typically shown in the form of a fine. For major offenses, the HOA may bring about foreclosure depending on its rules.

There you have it - our most frequently asked HOA questions. Have questions you would like to chat about? Interested in purchasing a home in a Grant & Co. neighborhood that is managed by an HOA? Contact our team today to discuss!