Diane's Wilmington NC Real Estate Thoughts: Homeowners Associations and Protective Covenants

 If you're planning to purchase a home in a neighborhood with a homeowners association, you will need to do a little research.  It's rare these days to find a newer neighborhood in Wilmington that doesn't have a homeowners association and a set of protective covenants. These covenants are put in place with the goal of protecting property values and maintaining appealing aesthetics in the neighborhood.
 The covenants can range from fairly basic to highly detailed, and fees vary, so if you're looking in a particular neighborhood you need to know what is and is not allowed before you buy! Sellers should have (or be able to obtain) a copy of the most current covenants and any amendments that have been made, or your buyer's agent should provide this information for you.  Most importantly, read it!  If you have want to put up a fence, change the exterior of the house, or put in a pool, it's best to know what you can and can't do BEFORE you're the owner and bound by the neighborhood covenants. 
It's a good idea for the Buyer to talk with the management company about any potential homeowners dues increases, transfer fees, or neighborhood assessments. 
Many newer neighborhoods have lots of amenities to offer residents (pools, tennis courts, clubhouses, walking trails, playgrounds).  It's easy to get excited about the offerings of a neighborhood, but try to remember to ask what's required of the homeowners.  Knowing this information will help buyers decide which community best meets their needs.  To view homes in the Wilmington, NC area, visit www.thekeytowilmington.com