Does the Bedford real estate developer retain control of the HOA forever? When a predetermined number of homes or lots are sold, the control is turned over, first, to a handpicked group of homeowners. Afterwards, elections are held once a year within the development to choose board members.
Can anyone be a board member? If you’re a property owner in the development governed by the HOA, you can campaign for the position. Eh HOA is different but usually elections are held once a year and most board members volunteer their time.
What is the primary function of the HOA? The primary function of an HOA is to maintain the rules and restrictions that were put in place by the developers and to maintain the community’s common areas. Common areas include parking lots, roads, parks or green areas, pools, sometimes lawns and buildings used by the owners like a clubhouse or fitness center. If your Bedford real estate is an attached condo unit, this would include the exterior of your unit as well.
Can I elect not to join the HOA? HOA membership is written into the Covenants, Conditions and Restrictions (CC&R’s) when the community is developed. No matter how many times the property changes ownership, the HOA requirements remain with the property. You’re required to pay HOA fees.
What does my HOA fee cover? HOA fees are used to maintain the common areas (see above); some have additional benefits, based upon the various developments in Bedford. If you do not stay current on the fees, the HOA can and WILL apply an assessment lien on your Bedford real estate and can even foreclose on the property.
How much will a HOA cost me? Each HOA is different. It’s important to find out how much this fee is upfront, you don’t want to be surprised and a good REALTOR like Scott Fogleman or Wendy Witt can tell you how much this will cost.
Before buying into a community with an HOA, read and understand the CC&R’s. Also, take the time to talk with some of the other homeowners in the development to find out how they feel about their HOA.
If you’re interested in buying Bedford real estate, with or without an HOA, I can help. Please give me a call or email me with questions you may have about home buying in Bedford VA.
The REALTORS with Witt Fogleman can tell you everything about any HOA in Bedford VA. Give them a call today!