A homeowners association (HOA) is supposed to add value to your home and enhance life in your community. If your association overreaches its bylaws or lacks proper management, it can stigmatize your community, hurting the market value of your home.
Proposals to reform how homeowners associations handle money, make rules, and enforce those rules will help HOAs improve their operations and make communities better for new and existing residents.
With many homeowners associations taking on functions traditionally provided by local governments, opportunities arise for HOA policies to be inconsistent with local laws. It's also beneficial for current and prospective homeowners to have state HOA rules reviewed to keep a balance of power between residents and the organization.
During the 82nd Texas Legislature, the Texas Association of REALTORS® supported reforming laws governing HOAs to ensure a balance between the interests of property owners and of the HOAs. Some of the notable reforms achieved are assigning homeowners' past-due payments to dues before paying fines; mandating open records and meetings for HOAs; making it more difficult for an HOA to foreclose; and restricting HOAs' ability to ban religious displays, flags, and solar panels.
If you're concerned about this issue, talk with your Texas REALTOR® and let them know you learned about it on TexasRealEstate.com.
