The homeowners association. To some an HOA is a symbol of security and community development. To others it’s a restrictive, expensive group trying to dictate how personal property is used. The truth of the matter is, every HOA is unique and has their own guidelines. That said, there are common trends that people draw from to decide if moving into a home with an HOA is the right choice.
Let’s take a look at the pros and cons.
The Pros of Living in an HOA
They help keep the neighborhood looking nice. HOAs typically have regulations that state homeowners have to upkeep their yards. They also fix the sidewalks and maintain the common areas.
They provide amenities. Typically, the amenities are the top reason people like living in an HOA. One of the most common amenities is a community pool. Many homeowners don’t want to have to bother with the maintenance but thoroughly enjoy getting to use the neighborhood watering hole.
They can help with maintenance. Some HOAs will provide homeowners with perks like trash removal and lawn care. This is a big benefit if you frequently travel or only live in an area part of the year.
They can handle neighborhood complaints. If you’re having an issue with a noisy neighbor or questioning the security of the area your complaints can be taken to the HOA. They’ll act like a mitigator to help correct the situation and solve disputes.
They can help homeowners maintain and improve their property value. Because HOAs help to maintain the neighborhood, some real estate experts believe they can also help boost property values.
They host community get togethers. It’s not uncommon for the HOA to host community get togethers and meetings. These events provide an opportunity for neighbors to get to know one another and have a little fun. The homeowners association. To some an HOA is a symbol of security and community development. To others it’s a restrictive, expensive group trying to dictate how personal property is used. The truth of the matter is, every HOA is unique and has their own guidelines. That said, there are common trends that people draw from to decide if moving into a home with an HOA is the right choice.
The Cons of Living in an HOA
You have to pay for it. No matter how you slice it, HOA dues are an added living expense. They are collected annually, semi-annually, quarterly or monthly.
You can get fined. In addition to the regular dues, homeowners that don’t comply with the regulations could face fines. Typically, the HOA will send you a warning first and give you a chance to correct the issue.
You have to pass exterior changes by the HOA. Any time you want to repaint your house, change the siding or add an exterior feature you’ll have to get the HOA’s okay first. Most will also have documented guidelines and approved colors that have to be used or you may face fines.
You can’t do just any type of landscaping. Like your exterior updates, changing the landscaping in your front yard will also need HOA approval in most cases.
You may have to get HOA approval for renters. If you buy a home in an HOA and then decide to rent it out your renters may be decided by the HOA. The board can also dictate other rental agreements like the monthly rent and when renters can move in.
You may not be able to have certain pets. Zoning laws are the main source of regulation as far as what animals can live in residential areas. However, the HOA can add additional pet regulations on top of the zoning restrictions.
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Original Source: http://squarecowmovers.com/home-buying-tips/pros-cons-belonging-hoa/