When you are in the market for a new home, one thing you are bound to run into is a listing that come with an HOA (Home Owners Association) as part of the monthly payment. So what is an HOA, and why would you consider paying the extra cost on a monthly basis?
Here are some of the benefits along with some of the drawbacks of living in a community with a Home Owners Association.
Communities with HOAs have standards that must be maintained under the risk of a fine. Many HOAs have rules about how many cars or even what type of vehicles can be parked on your property. For example, they may ban commercial vans or RVs. To some people this is a benefit as it keeps up the appearance of the community and therefore the value of the property.
Typically with an HOA there is less maintenance for the homeowner. Depending on the HOA, services such as trash and snow removal and lawn care are handled by the association, leaving less work for the homeowner. Typically, common areas are maintained by the association.
There are usually common facilities that can be used by the homeowner. While not all HOAs have swimming pools and tennis courts, many offer a range of amenities such as a community center, walking trails, sports courts and playing fields reserved for residents.
There is a management structure that you can turn to with problems or issues. If you have a problem with your neighbor’s dog barking, loud parties or a dispute over a tree, you can ask the management to handle the issue rather than getting directly into a spat with the homeowner next door.
As for the negative aspects.Some people simply don’t like the idea of some committee having a say so in when you can put out a decorative flag or that you can’t park your truck in front of your property.
Do you want to run a business from home? Depending on the type of business, You may have issues with an HOA.
Regulation vary from HOA to HOA so the best thing to do is read through the rules carefully and then decide if this is for you.