Moving Out of Your HOA

Along with the many benefits, there is typically a long list of responsibilities attached to living in a homeowners association. This is often a high priority for buyers to check when considering purchasing a new home in an HOA neighborhood. However, it’s easy to forget that there are also requirements to meet on the other end of things, such as when you sell your house and move out of your HOA.

To help avoid surprises on moving day, let’s run through some common tasks you’ll most likely need to take care of when you decide to sell your HOA-governed home:

Get in Touch with the Board

The most important step is to tell your HOA board about your plans to move. They will want to address any outstanding dues or fees, but money isn’t the only reason. They will need to transfer information to the new buyer and get in touch with them for future communication. Be sure to do your research, because some associations charge a transfer fee for this service.

Many HOAs also have specific procedures to follow when moving out of the community, to ensure the best experience for both the buyers and sellers. This may include a home inspection to make sure the house still meets all the HOA regulations. Any issues will have to be addressed before the purchase goes through.

Do the Dirty Work

Your home sale will go through much more smoothly if you have your ducks in a row before closing. You can take care of most of this before even listing your home!

Get any necessary inspections done, address any problems, and make all repairs or upgrades. Pay any outstanding dues and be sure you know about any and all fees that might be involved with selling, including transfer fees. Any amounts left outstanding could be deducted from your sale profits, and some fees are required to be paid by the buyer.

Either way, it is best to be proactive to avoid any unpleasant surprise costs.

There may also be additional requirements from your state, so research your HOA’s governing documents, and don’t be afraid to enlist the help of a real estate attorney or other professionals to help keep you on track!

Be Upfront with the Buyer

As they will have to abide by the HOA rules, it is vital to share all the HOA information with your buyer. This can help them set realistic expectations for their future home and community. It may even encourage them to buy, knowing what they are committing to – and entitled to – as homeowners. They will be benefitting from the protection of the association, so they must be aware of their responsibilities, as well.

Many association’s issue a homeowner resale package that contains all the information the buyer will need as a member of the association. Often, buyers prefer HOA neighborhoods, so giving them full disclosure will help them know what living in your neighborhood is like.

Ultimately, being straightforward will only help the transition of HOA membership and homeownership, which makes things easier for everyone involved!

Get Organized

Remember the old adage, “If you fail to plan, then you plan to fail.” It certainly can ring true when selling your home within an HOA, so do your homework! Have all necessary documents ready for your buyer, including HOA financial statements, explanation of regular or special assessment fees, and all community rules. Find out the rules specific to your improvement projects, and even the details for moving day.

You can plan ahead with access codes and instructions to ensure the movers don’t inconvenience others in the community and therefore avoid any additional fees upon your departure. Of course, all plans require some degree of flexibility for the unknown, but the better organized you are, the easier it will be to deal with last-minute concerns. It will also make things much simpler for your buyers, which is never a bad thing!

Selling your home in an HOA community doesn’t have to be stressful when you take the time to communicate, prepare, and plan ahead of time. Your new buyers, former neighbors, and your bank account will thank you! Now you will be able to move on to your next adventure with confidence and peace of mind. For more information on HOA management services for your community, contact Spectrum Association Management today.

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