5 Questions to Ask About Your Future Colorado Springs HOA
Did you know that in Colorado Springs about 25% of buyers purchase a home in a development that includes an HOA? An HOA, or Home Owner’s Association, can include single-family neighborhoods, condos, or townhomes. HOAs control the rules that govern everything from house design to parking regulations, as well as landscaping, paint colors, fencing, or roofing materials.
No neighborhood is perfect and HOAs operate as a way to help keep a community on the same page and moving toward the same goals. If you are looking at purchasing a home with an HOA, it’s a good idea to get these 5 questions answered prior to submitting your offer:
1. Are there any major community upgrades planned?
Major community upgrades can impact the monthly HOA dues, so it’s a good idea to find out what items are upcoming on the community agenda and if you are going to see a rate increase. It’s also a good idea to find out if you agree with the proposed improvements and what the consequences are to the proposal as well.
2. Are there restrictions on the number of rental units in the community?
If you’re looking to purchase a home as a rental unit, it’s a good idea to find out if the HOA limits the number of property rentals in the neighborhood.
3. Are there restrictions on street parking, large vehicles, or how items are stored?
It’s always a good idea to know if you can park your RV or large truck on your property. If you own a couple of ATV’s, are you required to keep them in a specific area? Likewise, are there restrictions on the days and/or times that you can utilize street parking? These questions might not impact you right now, but it’s good to know what happens if your teenager gets a car and you want to know where to park it.
4. When are the HOA meetings and how do I get involved?
The best way to stay in the loop with your future HOA is to be involved! You may not wish to hold an office right away, but it’s a good idea to know how to be a part of your governing board. In many cases, an HOA will be happy to have you sit in on a monthly meeting to get a feel for how things operate. If you’re going to make the community your home, it’s a good idea to check the fit of the HOA meeting.
5. Are your neighbors satisfied with how the association handles the community and any issues?
When you’re choosing a neighborhood, it’s always nice to meet the neighbors and find out how the community feels before you buy. The same thing goes for an HOA community—be sure to ask your neighbors about the HOA and see what they have to say: how to the fees compare to the benefits? Are they happy with the benefits as well as the fines assessed? Have there been any major issues that you should be aware of?
HOA communities in Colorado Springs can be beautiful places to live, especially because they tend to attract similar personality types and you can end up with a wonderful community of people that enrich your life.