It is most certainly NOT a law. No single family development is "required" to have an HOA. Condominiums have them by outirght necessity, though.
By coincidence, I just posted this in another thread:
"Cary can be truly goofy, but is much less restrictive than many people think.
What you really must be aware of are the neighborhood deed covenants and HOA's. Cary has nothing to do with either.
If you look near Bond Park, you would do well to consider neighborhood restrictions. It is quite easy to find neighborhoods with 100+ pages of covenants, rules, and HOA bylaws. Those restrictions will eclipse most anything the Town of Cary would offer.
Builders establish and enforce covenants to protect themselves while still building out a neighborhood. They want the place to look well-kept and marketable. A Builder has a greater stake in the appearance of a 20% complete project than any homeowner does.
When a Builder hands the operation of the HOA over to the community, typically most or all of the homes are complete, and the Builder's risk is lower.
HOA's and covenants can reasonably protect property owners' investments, but they can also turn into nasty weapons for bitter, nosy, neighborhood busy-bodies with too much time on their hands.
I've seen both.
I live in a 13 year old Cary subdivision without an HOA or HOA dues, and few restrictive covenants. It works for me, and most of my neighbors. We live and let live, and don't spend our time and energy judging our neighbors, or setting a timer to track how long they have had the garage door open."
I didn't even touch on the possibility of nepotism and corruption.
You should go to the meetings and discover the answers to your questions.
And review the financial records annually. Surely they are audited, right?
Quote:
Originally Posted by nc_green1974
This isn't a Jab at HOA's, I am just merely curious why all new developments are required to have them. Is this statewide or just in the Triangle? When did the HOA requirement go into effect? I know some of the benefits of an HOA is to help protect homeowners by preventing people from neglecting their property and brigning down home values in the neighborhood. But, There are plenty of other places in the country where people buy homes and don't have to pay to for an association, and they seem to get along jsut dandy. I do realize that some communities here have lots of ammenities like parks and pools that need funding for management and maintenance, but what about communities that don't have such ammenities? Why is any money being collected at all?. The neighborhood I live has an HOA annual fee of $142. We don't have a pool/club house/park and the only common area is a tiny coner property at the entrance of the subdivision with a small neighborhood sign. I know we pay a landscaper for upkeep of the sign and plants but that can't csot very much, certainly not the nearly $10K collected every year  ....besides that we only pay a local HOA management company to manage the funds collected and send out NOVs (whioch are pretty rare in our neighborhood anyway) . It seems like we are merely collecting money to just pay somebody to keep track of the money. What is the point of that?  |
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