A major HOA overhaul in Charlotte has homeowners facing massive bills, jeopardizing their savings and homes. The project is set to cost millions of dollars. With how HOAs work, the burden of footing the bill falls on the residents.
Major HOA Overhaul Worries Residents
The Carmel Chace community, consisting of three sections near Johnston Road, faces a major overhaul for its 50-year-old homes. The homeowners association approved a $3 million project covering roofs, siding, and more.
The setup sees residents agreeing to divided assessments over multiple years. Residents elected the HOA board, which sanctioned the project, causing financial strain.
Lori Worsman faces a $52,500 bill, prompting her to resort to borrowing from her inheritance and tapping into her 401(K). Another resident, burdened with a $38,000 assessment, relied on an inheritance. Meanwhile, a third homeowner, with a $32,000 bill, dipped into savings and refinanced.
One resident is in danger of foreclosure due to an unaffordable bill. In an unaffected section, Gayle Creasman expressed empathy for her neighbors, stating they were unfairly treated.
Advice for Would-Be and Current Homeowners
Given the prevalence of HOAs in Charlotte and beyond, projects like these are not uncommon. However, potential homeowners would be wise to protect themselves by researching before closing on a home.
Those looking to buy a home in older neighborhoods should look into the HOA’s plans for the future. More often than not, older neighborhoods tend to go through bigger projects than newer ones because they require more updating. Old or not, though, it is good practice to ask about any major projects an HOA has within the next few years.
On the other hand, homeowners living in HOA communities should get more involved. Attending meetings, participating in discussions, and joining committees or the HOA board are good ways to gain some control over projects. At the very least, homeowners should pick and vote for competent board members who have the community’s best interests at heart.
