Looking to move into a neighborhood with an HOA (Homeowners Association)?
The Lawhead Team would like to share the pros and cons of living in a home with an HOA:
People have good and bad thoughts about an HOA. In many cases and HOA is beneficial to a neighborhood however there are many rules homeowners usually have to abide by.
Pros of an HOA:
- Recreational activities – Your neighborhood or complex may have a pool, community center or walking trails. These are all maintained by the HOA.
- The appearance of your community – There are standards an HOA will set that each homeowner has to live by. This usually means you are less likely to see unkempt lawns, dilapidated cars in the driveway and peeling paint on the houses. You will even sometimes have certain guidelines when it comes to the color you are allowed to paint your home.
- Services included – Many HOAs will include services such as trash removal, lawn care, common area maintenance and more.
- Mediator for disputes – If your neighbor’s dog barks excessively, you can ask your HOA management to handle the issue rather than causing strife between you and the neighbor.
Cons of an HOA:
- HOA dues can be expensive – All the pros above come with a cost! HOA dues are a monthly fee that must be paid or else they can put a lien on your home. The fees vary based on the community you live in.
- You may be fined – If you do not comply with the rules the HOA sets in place, you will be fined. If there are rules about cars being parked on the streets or trash cans being taken in on trash day and you do not comply, the HOA can fine you.
- Dues can be raised – If you can handle a $350 association fee that is fine. But what if they raise it to $400? HOAs can raise your dues for any number of reasons at any time.
- You may not be able to rent your home – Some HOAs have rules about renting out your home if you move elsewhere. Board approval may be required so it is important to check with your HOA about renting out your property in the future before you buy it.