If you’re on the lookout for a new home, there’s a good chance that you’ve encountered an HOA property at least twice during your hunt.
A Homeowners’ Association (HOA) is run by a Board of Directors composed of homeowners elected by other residents. It’s the responsibility of the association to set rules and guidelines for the neighborhood, and these organizations usually exist in single-family home communities, condominium communities, and townhouse communities. So if a certain HOA property has caught your eye and you’re thinking of making an offer, there are a couple of things you need to consider before you put your money down.
To help you make the right decision for your needs, here are some pros and cons of getting a property in a neighborhood with an HOA.
Pro # 1: HOA neighborhoods generally look good
HOAs establish rules to ensure their neighborhoods look sharp. Some of these strict guidelines include keeping lawns manicured, restrictions on parking vehicles and boats on the street, and limitations on exterior paint colors. Doing so eliminates issues with one or two properties weighing down all property values due to an unpleasant exterior.
Pro # 2: Unlimited access to amenities
HOAs offer community amenities like pools, fitness centers, parks, children’s play areas, and security gates which could add appeal to a property.
Pro # 3: Shared maintenance costs
HOA dues are designated for the maintenance of shared spaces. It may include community lawn care (excluding your yard), community snow removal (excluding your property), and upkeep of common areas like neighborhood amenities.
Pro # 4: A built-in mediator
HOAs help settle tiffs and confrontations between neighbors. Residents can take their grievances to the HOA’s board or management company, provided that the issue involves the properties.
Pro # 5: Knowing your neighbors better
Residents elected to serve on the HOA board or are otherwise active in the association will become better acquainted with neighbors. These associations help neighbors get to know their surroundings, including the people in them.
Con # 1: The HOA dues
Buying a home in a community with an HOA will mean adding HOA dues to your budget. Although dues may vary, they will typically cost around hundreds of dollars per month.
Con # 2: It’s difficult to make changes to your property
Homeowners who want to make changes to their property, such as adding an enclosed patio, would have to seek the approval of the HOA’s board first. There’s also a possibility that an HOA could prevent certain changes or updates on a home.
Con # 3: Homeowners are effected by the HOA’s financial woes
HOAs who are facing financial problems or are involved in a lawsuit could harm a resident’s ability to obtain a loan for a home or could potentially hurt the sale prices of the homes within the community.
Con # 4: Your freedom may be compromised
Homeowners within an HOA community have to follow its rules, no matter how ridiculous they think it is. Although you have an option to petition the homeowners association to change any rule you’re not comfortable with, you’ll have to live with it if you lose.
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Has a certain HOA property🏘 caught your eye?👀 If you’re thinking of making an offer, there are a couple of things you need to consider🤔 before you put your money down. 💵
Make the right decision for your needs👍– here are some pros✅ and cons🚫 of getting a property in a neighborhood with an HOA to help you make the right decision!💯
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