Published on: Wednesday, November 04, 2009

By Justin Karp

Now that the government has extended the first-time homebuyer tax credit, more people have a chance to benefit.

Now, more than ever, there are plenty of perks available for those who are able to make their first major home purchase.

However, as more and more people make their way toward purchasing a home, author Gary Poliakoff wants to make sure that everyone knows the right way to go about doing so.

Poliakoff, who was born in and grew up near Baltimore, is the co-author of “Welcome to the New Neighborhoods: What You Need To Know Before Buying Your First Home.”

Many houses in the Prince George’s County area and across Maryland are a part of shared housing and homeowners’ associations. Each of these organizations and HOAs carry a unique set of rules that Poliakoff says are vital to know before making a down payment.

“The single [most important] purchase you’re probably going to make in your life is your home,” Poliakoff said.

“You must remember that in a shared ownership community, the Board of Governors has a duty to enforce the rules and regulations and the covenant that everyone agreed to abide by at the time they moved in.”

Poliakoff says the most important thing you can do before buying a home in an area governed by an HOA is to know what kind of questions to ask about the kinds of rules that are enforced in the neighborhood.

Regulations in a shared ownership community can range from a minimum age for permanent residents, noise limits, overnight visitors and even how often an owner is expected to cut their lawn.

“There are some who buy into shared ownership communities who don’t fully understand their responsibilities as co-owners or their rights,” Poliakoff said.

“New Neighborhoods was written as sort of an owner’s manual, sort of like one that comes with a new car; a simple, conversational and understandable way on how your rights are protected and what your responsibilities are.”

Poliakoff said that in the nearly 40 years since HOAs and shared ownership communities were introduced, over 24 million families live in over 300,000 HOA communities nationwide. That number is four times the amount of municipal and state governments in the United States, he said.

“They do have a significant impact,” Poliakoff said. Collectively, he said that over 60 million people currently live under the rules and regulations of an HOA.

Poliakoff stresses that the most important thing a first-time home buyer can do when searching for a home in a shared ownership community is to be fully empowered.

“It is critical that you go in with your eyes open,” she said.