If you are moving into a neighborhood run by a homeowners association, you need to be aware of its restrictive covenants. Violating any of the rules within the covenant could result in penalties or even impact your ownership of the property you are buying. Here is what you need to know about restrictive covenants before you buy your new home.
What Is Typically Included In Restrictive Covenants?
Although each homeowners association has the right to draft their own restrictive covenants, there are some basics that are typically found in them.
- After seeing many homes for sale, you may be torn between a few places. Even when you and your family are excited about a particular new house, you should wait to make an offer. Before taking that step, it is a good idea to meet with the following three professionals. A Home Inspector When you purchase a car, you'll often have a mechanic look at it first to see what's in good shape and what might need repairs.
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- If you're shopping for a home in a busy urban area, you may come across a home with a shared driveway. In other words, no single homeowner owns the driveway, but rather ownership and use is shared among two or more homeowners. Whether or not buying such a home is a good idea really depends on your own preferences and the unique situation. Here are some factors to consider as you decide whether buying a home with a shared driveway is right for you.