Living in a Deed restricted neighborhood
What Is A Homeowner's Association?
A Homeowners Association (HOA) is an organization that is usually created by either a developer or a group of homeowners. The typical purpose for the creation of an HOA is to insure that the community is developed and maintained to certain minimum standards of design and maintenance.
There are certain principles that are common to almost every HOA:
- HOAs are legal entities that are recognized by the state and are typically
formed as non-profits. - Membership is automatic and mandatory when the property is purchased.
- Fees are assessed to each property owner to operate and maintain the HOA.
- The owners and residents are obligated to comply with the rules and regulations.
- All properties in the development must comply with certain design and
maintenance standards.
By joining an HOA, homeowners are expressing their belief that given reasonable expectations for maintenance standards, coupled with a common interest to protect and increase property value, they are able to create and sustain a desirable neighborhood. For an HOA to work, it is necessary for each homeowner to abide by the rules and restrictions for the betterment of their community. Some potential homeowners perceive these standards as limiting, and therefore make their decision not to purchase a home in an HOA.
Upon purchase of a home in an HOA, the buyer becomes a member of the HOA organization. Our HOA is known as the Homeplace Savanna Home Owners Association Inc. It oversees and maintains the common areas such as the green-space in the roundabout and in the future will be maintaining the median on Polo Club. Fees for the Homeplace Savanna HOA are based on the maintenance, operation, and improvements of common areas. Fees are billed yearly in January.
