HOA Dues Are Part of Your Ownership Cost

Buyers often focus first on the mortgage payment and property taxes.

A more complete Star Trail ownership budget may include:

• Mortgage payment.
• Property taxes.
• Homeowners insurance.
• HOA dues.
• Utilities.
• Maintenance.
• Pool expenses where applicable.

HOA dues should be included when comparing what different Star Trail homes will actually cost to own.

Learn About the Cost of Home Ownership

Do HOA Fees Stay the Same Forever?

No buyer should assume HOA dues will remain unchanged indefinitely.

Association budgets, operating expenses, maintenance needs and other community costs can change over time.

Before closing, buyers should review the most current information available for the specific property and association.

Ask What the HOA Dues Support

The amount of the dues is only one part of the analysis.

Buyers should also understand what those dues help support.

Depending on the community, that may involve:

• Amenities.
• Common-area maintenance.
• Community landscaping.
• Management.
• Administrative expenses.
• Other association responsibilities.

A useful comparison is not simply whether dues are high or low, but what homeowners receive and what obligations the association maintains.

Review the Governing Documents Before Closing

Buyers should take HOA documents seriously rather than treating them as paperwork to skim immediately before closing.

Documents may address:

• Use restrictions.
• Architectural requirements.
• Property maintenance.
• Parking.
• Exterior modifications.
• Leasing provisions.
• Community standards.

If a particular rule could materially affect how you plan to use the property, investigate it before completing the purchase.

Planning a Pool or Major Outdoor Improvement?

This is an especially important HOA consideration.

A buyer may purchase a home expecting to add:

• A pool.
• An outdoor kitchen.
• A patio extension.
• Landscaping.
• Fencing.
• Other exterior improvements.

Those projects may be subject to community guidelines or an architectural approval process.

Do not assume that owning the lot means every exterior improvement can automatically be completed exactly as you envision it.

Architectural Approval Can Affect Your Plans

Some exterior modifications may require approval before work begins.

Depending on applicable community rules, that could involve:

• Plans or drawings.
• Material specifications.
• Exterior colors.
• Fence design.
• Landscape plans.
• Pool plans.

Buyers who already know they want to make a major change should investigate the applicable process before purchasing.

Do Not Rely Only on What Another Homeowner Has Done

Seeing a neighboring home with a particular improvement does not guarantee the same modification will automatically be approved for another property.

Differences can involve:

• Lot configuration.
• Easements.
• Setbacks.
• Current rules.
• Prior approvals.
• Property-specific restrictions.

Verify what applies to the home you are buying.

HOA Rules and City Requirements Are Separate

Association approval does not necessarily replace other approvals or permits that may be required.

A homeowner may need to consider multiple layers, including:

• HOA requirements.
• City requirements.
• Utility easements.
• Other property restrictions.

Buyers planning significant post-closing improvements should investigate all applicable requirements.

What About Leasing the Home?

If there is any possibility that you may rent the property in the future, review the applicable HOA documents before buying.

Potential considerations may involve:

• Leasing restrictions.
• Minimum lease terms.
• Registration requirements.
• Tenant-related rules.

Do not assume that because another property in the community is rented, every future leasing plan will automatically comply with current association requirements.

Ask About Current or Pending Assessments

Regular HOA dues are not necessarily the only possible association-related expense.

Buyers should review available resale and association documentation for information concerning any assessments or other amounts currently disclosed.

Knowing about an additional obligation before closing is far better than discovering it afterward.

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