Basset Creek Homeowners Association
What is an HOA?
What is an HOA?
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 and construction 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.
Basset Creek has rules and regulations in place to preserve the value and integrity of the community. Please refer to the pages listed under Important Information when renting your home, making a change or to just get a better understanding of the guidelines in place that govern our community.