Have you heard or read recent stories in the news about a homebuilder coming into a community and building a very different product (in terms of home style and price) than those originally built at the onset of the development? As new communities face foreclosure and home builders and developers face financial problems, this is becoming more prevalent across the nation. One way for new home shoppers to protect themselves from being in a situation with a lower-valued product being built next door is to move into a community with a strong Architectural Review Board.
An Architectural Review Board (ARB) is created to establish and enforce community guidelines that reflect minimum design standards and recommendations for all new construction and modifications within each neighborhood.
In many new home communities, the ARB is overseen by the developer, also known as the Declarant. The ARB remains in place until the residents of the community establish their own Board. In communities under foreclosure, where the Declarant shifts from the developer to another entity, the ARB guidelines could change. This is when problems inevitably arise. When control over what is being built in the community is lost, it can be detrimental to the value of existing homes in the community.
But this is not a problem that someone would have to worry about at Heron Bay Golf and Country Club. Minerva Properties, the developer of the Henry county master-planned golf community, has a rigid ARB like those seen at private resort developments. Additionally, Minerva has paid off its bank loans on the property development, thereby offering a greater sense of security for the prospective homebuyer.
When looking for a new home, homebuyers should ask their real estate agent if the community includes an ARB and if so, who manages it? An ARB overseen by the developer would be the ideal situation for someone looking to protect the value of their home.
For more information about Heron Bay Golf and Country Club visit the website or contact the Sales and Information Center at 770-957-5633.
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