Real Estate Insider Blog
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If you have been looking for a home around Clearwater, you have likely encountered a deed restricted community without even being aware of it. A deed restricted community is one in which the homeowner is restricted to what he can do with the property or home purchased. Many people know such communities better by other names, like gated communities or cooperative housing which are controlled by a Homeowners' Association (HOA) or Condo Association. According to the National and State Statistical Review published by the Community Associations Institute, Florida had the highest number of cooperative communities in the country in 2014, with more than 47,000.
Basic Tenets of a Deed Restricted Community
Deed restricted communities often require their member homeowners to ask permission from officers of a homeowner's association before they make any change to the look or structure of their home or property. Some communities prohibit the building of fences or new structures, some require that homes be built of the same material, some require homeowners to keep their grass at a certain length. Not following the rules of the community can result in steep fines or even foreclosure for non-compliant members.
What makes Deed Restricted Communities so Desirable?
While many people are familiar with Homeowner's Associations (HOAs) in a negative light because of high membership dues and sometimes over-the-top restrictions, there are many...
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