Is A Homeowners Association Right For You? Breaking Down The Pros And Cons Of An HOA
There are a number of factors to consider and questions to pose when figuring out if a home is right for you – is the neighborhood safe, what is the school district rated, how far of a commute will it be to work, is it central to local amenities, etc. One other important item to consider is whether or not you want your house to be located within a Homeowners Association (HOA).
In today’s blog post we are going to discuss the pros and cons of living in a community with a Homeowners Association. But before we dive into the meat and potatoes, we want to make sure you first understand exactly what an HOA is:
An HOA is an organization that is created to help run, maintain and manage a community, subdivision or condominium. The residents residing within the community are responsible for monthly or annual dues which the HOA uses to maintain shared spaces, as well as carry out other duties such as meeting management, rule enforcement and financial planning.
What are the pros of an HOA?
-A pro of living in a community with an HOA is that the organization typically is in charge of handling community maintenance. This could include things such as snow removal, landscaping and the upkeep of roads within the planned community.
-Neighborhoods with an HOA typically offer (and will therefore manage/maintain) community amenities. These can include areas such as pools, parks, tennis courts, community centers, etc. and are all assessable to community members.
-The organization will ensure that all members are abiding by the rules and set standards of the HOA, including the appearance of the exterior of properties. These standards can help protect the value of your home.
-The HOA will make sure that the neighborhood and/or building is kept clean and neat.
-Lastly, you can lean on the HOA to step in on your behalf if you were to have an issue arise with a neighbor.
What are the cons of an HOA?
-The main issue many people have with an HOA is the cost to be part of the community. It is important to note that the cost can vary from neighborhood to neighborhood and is based on things such as property and access to amenities.
-Another downside is the unexpected fines and fees that can potentially arise if you were to do something that goes against the rules and regulations that have been set by the HOA. You, the homeowner, are expected to know, understand and abide by the standards of the community.
-Lastly, there is a potential for things to become political within an HOA which turns some people off.
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