What You Should Know about an HOA before Purchasing a Piece of Atlanta Real Estate
The process of purchasing an Atlanta home can be very overwhelming to someone who has no knowledge about the process. Questions such as , “Where should the home be located?”,or “How do I find a good realtor?”, and even “What is a home owner’s association”, may cross your mind. You are going to want to be informed about all of your options when you decide that purchasing one of the many Atlanta homes for sale is in your future.
What is the Purpose of an Atlanta Home Owner’s Association?
First, it makes sense to elaborate and understand what an HOA is. It is an official legally recognized organization which functions to keep areas common and similar whether this is a group of single family homes, a neighborhood as a whole, or the condominium developments in the area. Developers will come together on the matter before the neighborhood or community is even built or established. You are definitely going to want to know if the Atlanta real estate that you decide to purchase is in an area that has an HOA.
Impact on the Atlanta Buyer and Homeowner
One reason you should be aware of an HOA in the neighborhood of your home is that they have the power to place restrictions on the property. Even if you own the home, you are not free to do as you please since there are some requirements and necessary channels to pass through before any modifications can be made. If you want to make your home completely different and unique you really need to avoid any Atlanta homes in these specified areas. They can also impose limitations of operating a business from your home as well. Also keep in mind that you need to join one and pay monthly, yearly ,or quarterly dues in order to own your home. It is not an optional organization that you can choose to be a part of.
Information to Obtain from the HOA
If you do decide to purchase Atlanta real estate in an area where an HOA exists there is some important information you are going to want to obtain from them. These include any of the conditions and restrictions that are going to be imposed on you and your property and any of the by-laws that you may be expected to abide by as a home owner of the property. You are also going to want to know when the meetings are held, how many minutes are logged, and who you can specifically talk to about issues or questions you may have about policies and procedures.
You may also want to look at the current HOA rates in comparison to others that are located in similar neighborhoods. Be sure you’re not going to be paying an exorbitant amount to live there unless there is a driving force that makes that home or location much better than others. Always do a complete analysis and research before deciding to purchase any homes for sale whether in Georgia or anywhere else. And of course, always consult an Atlanta Realtor to assist you with this important transaction.