When you are looking for a home, you will come across many Homeowners Associations (HOA) and might be wondering if they are for you. There are about 26 million homes across the country that are part of an HOA, according to Community Associations Institute.
Living inside an HOA means there are fees that help maintain common areas and community offerings, therefore you will need to know the amount of the fee and what it includes to help you decide if it’s worth living within an HOA. It is also meaningful to know the individual’s HOA’s rules which you must follow if you choose to purchase a home there. Association regulations are made to protect property values.
Pros: A few pros of owning a home within an HOA are the amenities, appearance of the community, and the management’s help with issues. Find out what amenities that association includes (such as tennis courts, walking trails, pool, dog park, etc.) and see if the fee makes sense to you. Homeowner’s associations can maintain property value by making sure there are regulations with lawn care, snow removal, common areas, and more. Also, if there is a dispute over a tree or dog barking, you can report the issue to the management and they will handle it for you.
Cons: The HOA could potentially spring new assessment fees on you, especially if an HOA is underfunded. The HOA may also prevent you from renting your place so make certain to check out all of the regulations. In addition, HOA’s can limit where you park or a decorative piece you might want to put out on your lawn.
In the end, being governed by an HOA is a personal choice to be weighed by the homeowner. If you have a concern about something that’s particularly important to you, be careful to read all of the regulations before buying your home. Remember that HOA’s are there to help your property value and any issues you may have. Also, you can become involved with the HOA in order to have a voice in these decisions. So, make sure you consider both sides of the case before buying your dream home!
