Home Buying Tips
First time home buyers: Before you buy, check for restrictive covenants. You've just toured the home of your dreams that fits exactly what you are looking for and you are ready to make an offer. What you may not be aware of, is that there may be restrictions that dictate what can and cannot be done to or on the property. (For example, you may not be able to build a guest house or have certain animals on the property- even though you own it).
What is a restrictive covenant? I'm glad you asked. It is a type of deed restriction that regulates a group of new and existing homes or building lots. Developers use them to preserve a development or subdivision as a model community and control its use and appearance. Buyers agree to the (sometimes rigid) restrictions in order to maintain the aesthetic standard set by the developer and to safeguard the value of their homes.
It is easy to confuse restrictive covenants with local zoning and government regulations. Although some covenants and zoning restrictions do overlap, they are not the same thing. For example, either can limit the height of a building. Restrictive covenants tend to exert greater control over lifestyle. In addition to standard clauses, which may stipulate a home's minimum size, height, architectural style, and color schemes, covenants often ban practices that could be regarded as aesthetically objectionable- like an RV or a boat. They may also regulate grass height, holiday decorations, fences, hedges, and pets.
While most homeowners enjoy the qualify of life resulting from restrictive covenants, some may limit the life you planned. Before committing yourself to a property, make sure you are certain you can liver there with all the restrictions!
If anyone outside of the Salem, Oregon area needs the assistance of a Real Estate Professional, I would be more than happy to help them find one. :)
