Buying a Home in Knoxville
Builders and developers often establish Home Owners Associations (HOA's) for new subdivisions. Once a development is established and the homes have been sold, the builder/developer transfers control of the HOA to the homeowners.
There are several advantages to buying a home protected by a Home Owners Association in the Knoxville area.
The purpose of an HOA is to manage the common areas within the development and to enforce the rules and regulations established by the community. Most HOA’s are run by a board of directors who are homeowners in the subdivision. HOA membership is often mandatory for all homeowners within the development. The fee for membership is determined by several factors such as maintenance and utility costs.
Rules and regulations are established for the purpose of maintaining high property values within the community. This fact is what draws many buyers to a home within an HOA community. This insures a neighbor will not do anything to their property that will have a negative effect on the market value of the neighborhood. These rules and regulations are known as “CCR” which stands for “covenants, conditions and restrictions”. Some common CCR’s include allowable exterior house paint color, type of allowable fence material, and landscaping guidelines. I would be happy to discuss specific CCR’s in the Knoxville area with you; just email me at TalkwithTroy@aol.com .
Amenities such as a golf course, tennis courts, and swimming pools, are maintained with funds from the HOA fee. Other uses of the fee include payment for water, sewer, trash collection, and ground maintenance. This insures proper upkeep of the facilities which in turn, keeps up property value. More information about Home Owners Associations can be found at www.GablesandGates.com .
Ground maintenance is perhaps the most overlooked benefit of an HOA. The grass needs to be cut and watered; plants and trees need to be tended to. Even light bulbs must be changed every now an then. The monthly HOA fee is used in part to cover these costs.
One of the best aspects of buying into an HOA subdivision is the sense of community. Developments with HOA’s tend to be more social communities. Neighbors have a stake in common property which they maintain and share together.
Troy Stavros
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