Would you buy into a homeowners association?

   / Would you buy into a homeowners association? #51  
</font><font color="blue" class="small">( Yes, it is MY property, but they are MY neighbors, and I respect them even when I don't like them. )</font>

Very thoughtful comment. A lot more people should share that attitude.

-Mike Z. /forums/images/graemlins/grin.gif
 
   / Would you buy into a homeowners association?
  • Thread Starter
#52  
Here is the property I'm talking about having a homeowners association. This site talks about there homeowners association.

http://www.cumberlandcovepoa.com/

Terry
 
   / Would you buy into a homeowners association? #53  
I tried the links for the covenants and the by-laws and neither would work. What are they trying to hide?

Run away....
 
   / Would you buy into a homeowners association? #54  
The links still don't work.

I would look for property elsewhere.

When they work well, a HOA is great to have, but when they go bad, they can make your life ****. And, they can go from good to bad in the blink of an eye.

Years ago my Dad bought a condominium with a HOA. He didn't live there, it was college housing for my stepsister. Well, she graduated and he tried to rent out the unit. Unknown at the time of purchase was that a major developer had started buying units. He voted against any & all improvements and even maintenance.

With no maintenance, the buildings started to deteriorate and prices kept going down. Eventually he bought enough units to control the HOA and essentially drove everyone else out, all at substantial losses. The he did all the deferred maintenance and started selling units at a large profit. Borrowed the money for the maintenance too, so the new owners got to pay it off.

In your situation, the common areas are roads and probably a lot of the land. Think about what happens if someone decides to not keep the roads up, and actively prevents you from doing it yourself. Or suddenly becomes the "architectural board", or the "septic board", or something else.

Lastly, most of the people who want open spaces and large acreage around them are independent folk. We chaffe under the rules of a HOA. And, sooner or later, a HOA will start to chap your behind.
 

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