Fri 8 Aug 2008
Required Covenants & Restrictions- Good for both buyer and developer
Posted by Steve under Buyers & Sellers Info
I hear it all the time”I don’t want anyone to tell me what I can and can not do” on my property. Well if that’s true, how would you like your neighbor to raise pigs, collect junk cars, use the entire back yard to hang out their wash or keep three (3) refrigerator trucks running for their family meat delivery business? Having an agreement in place before the purchase of a property is good for the harmony and enjoyment of all who choose to purchase in a subdivision. The right to enforce these (recorded) rules is just as important as the rules themselves.
We are often asked to prepare a wish list based on the land we are developing, for example we have allowed horses on larger tracks that contain open fields, and we have required garages on properties likely (because of location) to have canoes,snowmobiles, or ATV’s.
In extreme situations we have gone so far as limiting the type and color choices of the exterior siding.The lessons we have learned from real estate developing is in order to protect your property value sometimes you have to conform to a set of bi-laws that are published in advance of the sale, and sometimes not everyone will end up buying there because of the rules. But better that than more stories of pink houses and pot belly pigs.
