Beautiful Benefits in a Deed Restricted Community
Venice is the setting for a variety of deed-restricted communities – condominium complexes as well as neighborhoods offering single-family homes – and savvy prospective homebuyers will want to take a closer look at these communities. In a deed-restricted community, a homeowners’ association (HOA) enforces rules pertaining to how your property is used and what it looks like. Most deed-restricted communities require an HOA fee that pays for the community’s upkeep and maintenance. These fees may be due monthly, quarterly, or annually.
Deed-restricted communities have boomed in the Venice area in the last 3 decades as part of a nationwide trend. The number of HOAs in the United States, about 6,000 in 1970, had skyrocketed to 157,300 by 2006. And the biggest increases were in states that are known for growth, sunshine, and retirement: Arizona, California, and Florida.
In the finest communities, HOA fees pay for heated pools, tennis courts, clubhouses, landscaping, management, security, and more. Homes in deed-restricted communities usually maintain their value; regular maintenance means these homes, and their neighborhoods, deteriorate more slowly than homes without deed restrictions, so they’re far more attractive to buyers when it’s time to sell.
If you’re buying a home in Venice, make certain that you understand the deed restrictions before closing on a home. Obtain a copy of the deed restrictions and read it carefully; a copy is available from the seller or the HOA. Buyers may even consider having deed-restriction documents reviewed by a real estate attorney before closing.
Venice’s deed-restricted communities can offer delightful benefits to homeowners, but they’re not for everyone; you give up a small bit of freedom to guarantee that your neighbors don’t paint their home in tie-dye colors or turn their lawn into an auto parts junkyard. Most homebuyers consider that a fair trade. Restrictions may include the size of a home, exterior paint colors, lawn maintenance, and landscaping. HOAs may determine what materials a fence can be made from or forbid fences altogether. Pets may or may not be forbidden; some communities allow small pets only, others allow only particular breeds.
Most deed-restricted communities will not allow overnight or long-term parking of trailers, campers, inoperative cars, or vehicles that sport company names or advertising. Restrictions may also cover additional structures on a property like sheds or gazebos. Since 2004, Florida homeowners no longer face foreclosure for violating deed restrictions and ignoring fines for those violations. However, they can face foreclosure for failing to pay HOA dues and special assessment fees.
Investors seeking quick profits are drawn to deed-restricted communities because the community will look virtually unchanged in 3 to 5 years. Busy families, professionals, and retirees appreciate the maintenance-free aspect of deed-restricted communities and the many amenities that are typically featured. If you’re considering the purchase of a luxury
home in southwest Florida, consider these deed-restricted communities in and near Venice: