There are both pros and cons of living in an HOA. If you’ve been thinking about buying a home, this one is for you! It lists all of the benefits (and drawbacks) of dealing with a Homeowners’ Association.
So many factors go into looking for the perfect place to call home. Location, price, size, and style are all taken into consideration. For many, a homeowner’s association can make or break a deal. The HOA is a board of residents who help ensure that your community looks its best and functions smoothly. Some neighborhoods are stricter than others, but at the end of the day, they all have the same purpose.
PROS of a Homeowner’s Association
The HOA is responsible for keeping up with common areas in your neighborhood such as mowing, landscaping, the lights at the entrance monuments, club house, pool etc. Each neighborhood has different rules and some have more involvement than others.
“Based on maintenance fees collected, an organized HOA maintains a comfortable balance in their fund to offset maintenance costs or unexpected issues that need to be fixed,” says Drew Scott of HGTV’s “Property Brothers” and co-founder of Scott Brothers Global.
The HOA also keeps uniformity so your neighbor can’t just paint their house hot pink or purple because that’s their favorite color. The color must be approved through the HOA and it must be uniform with the other properties in the neighborhood.
Also, the HOA enforces that everyone must mow their law and not let the weeds get out of hand. It would be unfortunate to take pride in your yard and have a jungle next door to you.
In the event you have a neighbor that you don’t particularly care for, the HOA will handle the deficiencies with them rather than you having to get confrontational. You would simply contact them with your complaint and they take it from there.
CONS of a Homeowner’s Association
In addition to the pros, there are also some cons to the HOA as well. One being that you have to pay yearly dues. There’s also consequences to not paying those dues, such as liens on your home, so you better be prepared for that annually. The fees range from $300-$1400 a year in most neighborhoods and these prices can change without your agreeance.
In the event you wanted to add on to your garage or maybe even make a second story, you wouldn’t be able to do so without submitting plans to the HOA for approval. If you wanted a pool, you must also submit plans with them too.
The HOA could have a powerful input on having renters as well. In extreme situations, some HOAs can evict the tenant and hold the homeowner responsible for any eviction costs or any damage caused by the tenant.
At the end of the day, the Homeowners Association does have its benefits as well as inconveniences, but the common goal is to keep the neighborhood looking desirable for the consumers perusing the neighborhood in search of a new home. After all, our homes are typically the biggest investments we will ever make and we want them to hold value.
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