What to Know About HOAs When Buying Your Crested Butte Home
Not everyone is familiar with how HOAs work so here is what to know about HOAs when buying your Crested Butte home. An HOA (Homeowners’ Association) is an organization in a housing subdivision, a planned residential community or condominium that creates and enforces rules for the benefit of homeowners. Per their rules, HOAs will collect monthly, quarterly, or annual dues to pay for upkeep of common areas. They can also levy special assessments on homeowners to accrue capital reserves, or when the association lacks sufficient funds to pay for unexpected maintenance repairs.
HOAs help maintain the quality of life for the community’s residents and protect property values for all owners. HOAs are often the target of criticism when they levy an assessment or increase in HOA dues to set aside money for capital reserves or perform expensive road maintenance that members don’t think is necessary, or impose rules that members find too restrictive. What to know about HOAs when buying your Crested Butte home is that there will be rules for you to follow.
HOA Guidelines for Architecture and Design
All HOAs of subdivisions with single family homes will have an Architectural Control Committee or Design Review Committee or some board that will review and approve new construction, remodeling, landscaping, tree clearing, fences, etc. Common guidelines include a structure’s overall size, height, materials, colors, setback requirements, etc. The Homeowner’s Association Board of Directors typically appoints the people on the committee.
Many Crested Butte HOAs have architectural restrictions, which protect mountain views, maintain a pleasing and uniform aesthetic look and feel, or prevent owners from allowing their homes to deteriorate. This group is in place to enforce the guidelines or rules for the entire HOA and to maintain the aesthetics and property values in the subdivision.
HOA Common Areas
Because multiple parties live in the same building(s), all residents of condominiums and townhomes must be equally responsible for maintaining the common areas. The common area maintenance can include snow removal, and upkeep of some interior areas of buildings and elevators. Also upkeep of roads, sidewalks, parking lots, parking garages, hot tubs, and swimming pools. It can include upkeep of decks and roofs, landscaping, roofing and building exterior too. Lastly upkeep of clubhouses, fitness rooms and security gates is often included. Many of these types of common areas, such as gates, landscaping of entryways, roads, clubhouses, hot tubs, and tennis courts, also exist in subdivisions of single-family homes.
These are specific rules to be aware of. Some HOAs may never enforce their rules, and some need to. HOAs are good when they prevent your neighbor from keeping a jacked-up old car in the front yard, or painting their house purple with lime green polka dots. However, beauty is in the eye of the beholder, and HOAs are often perceived to be bad when they prevent owners from doing something they want to do. Things like renting their home, having pets, or keeping an RV or boat in the driveway.
HOAs can also afford a “first right of refusal” to the other property owners for any property under contract. With every real estate contract in Colorado, it is mandatory for the HOA documents to be presented to the buyer once under contract. Before you purchase a property subject to HOA rules and fees, be sure to read and understand these documents or hire an attorney to review them for you. And approach the HOA’s requirements with an open mind. Consider that every HOA has a story, and a history. You might be disappointed that you can’t keep your boat in the front yard. But if there’s a rule against it, there’s probably a reason for it.
What to Know About HOAs When Buying Your Crested Butte Home Final Thoughts
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