Buying Highlands NC Real Estate, Understanding an HOA
Understanding an HOA (homeowners’ association) is an important element of buying Highlands NC real estate. Not all homes will be part of an HOA but there are many that are. If an HOA is a part of a purchase, it will be essential to read the documents during the due diligence period. An experienced Highlands NC REALTOR will be a valuable resource, ensuring that you have access to all of the rules, regulations, and governing documents. Additionally, your REALTOR will help get answers to any questions you may have.
Reviewing the financials of an HOA is important. Dues, whether monthly, quarterly or annually, will be an additional expense associated with a Highlands NC real estate purchase. Knowing this amount and the history of dues increases is important. Likewise, there can be additional expenses associated with an HOA. An assessment, for example, can be implemented for large projects that have not been budgeted for. Examine the finances, understand the reserves, and look at the reserve schedule for looming projects. Furthermore, getting a history of the finances and how sound the finances are is critical.
Rules and regulations
Access to the association documents and declarations is important. Every HOA is unique and therefore has different rules and obligations. Understanding what roles the HOA plays is important, including what the HOA maintains and what is the owner’s responsibility. Additionally, the rules and regulations can dictate what is allowed and wants is not. This could include whether pets are allowed as well as whether a home can be rented. The more informed a buyer is the wiser the investment will be!
Learn more about Highlands NC real estate
Contact our team at Berkshire Hathaway HomeServices Meadows Mountain Realty today to learn more about buying real estate in Highlands NC. We welcome the opportunity to update you on the market while answering all of your questions. Let our knowledge and experience serve as your guide to buying Highlands NC real estate.
Click here to read “What Should You Know About Homeowners Associations?” from Realty Times.