What Are HOAs And Why Are They Important?
Are you considering buying a home in Oklahoma? If so, you should learn about homeowners associations, otherwise known as HOAs, before making your decision to move to a new neighborhood in OKC. HOAs are common in residential developments, including the Villas at Crestone Ridge. So before you buy a home in a community with an HOA, let’s make sure you understand what's involved and why HOAs are important for your new home!
What Is An HOA?
If you're considering buying a new home, you may have come across the term HOA. But what is an HOA, and how can it impact your new neighborhood in OKC? An HOA stands for Homeowners' Association, and it is a nonprofit organization that is responsible for maintaining the common areas in a neighborhood. This can include tasks like mowing the lawn, picking up trash, and trimming bushes.
HOAs are also often responsible for enforcing rules and regulations that are designed to keep the neighborhood looking its best. For example, an HOA may require residents to get approval before making any changes to the exterior of their home. So if you're thinking about painting your new house or adding a new deck, you'll need to get the OK from your HOA first. While HOAs can sometimes be seen as restrictive, they can also be a great way to keep your new neighborhood looking its best.
How Much Are The Fees And What Are They For?
Homeowners' association fees are common in new neighborhoods in OKC and can range from$150-$850 per year depending on the size and amenities of the neighborhood. The fees go towards the cost of maintaining common areas like pools, playgrounds, and landscaping. They may also cover Insurance, snow removal, and other shared amenities.
HOAs are required to provide new homeowners with a disclosure statement that outlines the amount of the annual fee and how it will be used. Homeowners are typically responsible for paying their HOA fee every month or quarter.
The Value of your HOA!
There are many benefits to joining an HOA. For one, it can help to keep your property values up. This is because HOAs typically have certain standards that members must adhere to in order to keep their membership. This can include everything from maintaining the exterior of your home to keeping your lawn trimmed. By having these standards in place, it helps to create a sense of pride among members and also helps to attract new buyers to the neighborhood.
Additionally, HOAs can also provide a sense of community that can be beneficial for both new and longtime residents. Often, HOAs will host events or sponsor activities that members can participate in. This can help people get to know their neighbors and make residential developments like Crestone Ridge some of the best new neighborhoods in OKC.
Lastly, HOAs can help to keep your neighborhood safe by providing security features such as gates or patrols. Overall, there are many benefits to joining an HOA, and new OKC residents should definitely consider doing so.