When buying a new house, there are numerous variables to consider. Unfortunately, in the midst of all the excitement and commotion, there is one that is frequently missed. And those are the rules of the homeowners association, particularly the covenants. You must follow the HOA guidelines, which means there will be a lot of things you must do and a lot of things you won't be able to do. Before making a final purchase choice, you must first comprehend the HOA covenants, particularly the restrictive covenants. So have a look at these five common HOA covenants to be aware of before buying a home in Oklahoma.
1. Property Purpose and Use Restrictions
Before purchasing a home in Oklahoma, be aware of the property purpose and use restrictions that are frequently contained in HOA covenants. This component of covenants might contain a variety of purpose/use restrictions, but the home-business restrictions are usually the most concerning to buyers.
“When it comes to home-based business, this is the most prevalent scenario. This covenant, for example, determines whether a homeowner can do business from their house or if the property is solely for residential use. It can also restrict what types of at-home companies are permitted in a certain community, as well as whether a business owner can advertise their company on their property or inside the neighborhood.”
The goal of limiting what you can and can't do with your land is to promote community conformity, which helps to keep property prices stable. Consult a Oklahoma agent at (539) 664-8033 to learn more about usage limitations in the area where you want to buy, especially if you have a home business.
2. Maintenance Requirements
Another frequent HOA covenant to be aware of when buying a home in Verdigris, OK is the one about maintenance obligations. This is understandable: inhabitants of a community want all of the properties to be in good repair and presentable since property values are affected.
So “Your restrictive covenants can contain things you need to accomplish in addition to what you can't do with your home. Maintenance guidelines may specify how often you should mow your yard, repaint your house, or repair a fence. The cost of upkeep may be deducted from your HOA fees, depending on your agreement.”
Generally, this covers the most fundamental requirements for home maintenance and upkeep — nothing you wouldn't do anyhow. Lawn care, exterior upkeep, roof repairs, gutter maintenance, and so forth are all covered by a conventional property-maintenance covenant.
3. Architectural Guidelines
For the sake of uniformity, some HOAs have covenants that are fairly rigid concerning architectural styles allowed inside the neighborhood. This won't affect a home that's already been built, but it will if you want to expand on to it or build a shed in the backyard, for example. In that situation, anything you do must adhere to the architectural rules and complement the general architectural style of the neighborhood (s).
4. Aesthetic Guidelines
Similarly, some homeowners' associations include aesthetic covenants. Many individuals are unaware that when purchasing a home in Oklahoma, such covenants might include things as fundamental as what color you can paint your home's exterior and what kind of decorations you can place on it. In any event, these home-aesthetics requirements must be followed since they will be enforced.
5. Number of Residents/Tenants
You should be aware of covenants limiting the number of residents/tenants within a home before purchasing a residence in Oklahoma regulated by a HOA.
“Covenant enforcers can also be very severe, to the point of limiting the number of individuals who can live in a certain property. This figure varies based on the size of the property, but it's something to keep in mind if you're planning to live with others.”
Penalties for Covenant Non-compliance
What happens if, after purchasing a home in Oklahoma, you're discovered to be in violation of the HOA covenants (either purposefully or unintentionally)? In most cases, you'll face a fine, a lawsuit if you don't comply, and, in the worst-case situation, foreclosure.
“The first and least severe action a HOA can take for a homeowner's violation of a restrictive covenant is to levy a fine. If this is the case, your homeowner's association will levy a fine until the problem is resolved. Your homeowner's association or covenant enforcers have the power to sue you for failure to comply if the situation worsens and you don't address the problem or pay your fines. In the worst-case scenario, property owners may be able to foreclose on a person who has repeatedly broken the law.”
It pays, then, to be aware of the covenants and exactly what they require and restrict in order to be in compliance and avoid the penalties.
Check With Your Agent Before Buying a House in Oklahoma
If you plan to buy in a HOA-governed community, your best bet is to consult a We Buy Houses Fast Oklahoma to get the information you need. So, before you go out and buy a house in Oklahoma, give us a call at (539) 664-8033.
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