Home Owner’s Associations or HOA’s are usually either the bane of a homeowner’s existence or a welcome addition to the community. On one hand, an HOA can help to keep a housing development or community in great shape. On the flip side, many HOA regulations hinder a homeowner that may want to personalize his or her home. Being aware of the ups and downs of residing in an HOA community is essential when buying a new home. With that in mind, here are a few Pros and Cons of living with a Home Owner’s Association.
- Because of the regulations that most HOAs impose in their communities, buildings are less likely to fall into disrepair which lowers the property values of surrounding homes. Paint and roofing are sometimes covered under the HOA fees and upkeep becomes the responsibility of the HOA, not the owner; especially in condominium developments. This keeps the community in a higher value range as a whole and all of the members of the community benefit.
- There are very few HOA communities that don’t have some sort of park, pool, tennis court, or other recreational activities installed somewhere as part of the initial build. Not only does this give community members a local area to enjoy, but it is another way to increase property value of the surrounding homes.
- HOA fees usually cover services such as Garbage Collection, Snow Removal, or Landscaping. Imagine living in a place where you didn’t have to get out of bed on a snowy morning to get your winter shoveling workout in. Since these services are provided by the HOA, homeowners are not required to deal with the service companies on an individual basis, but can leave price negotiations to the HOA.
- Because exterior upkeep does fall under the purview of the HOA, it gets to decide what color schemes are acceptable. The homeowner has little to no input in the chromatic choice. This goes for the landscaping as well since the Association is the point of contact with the landscaping company. The HOA’s control keeps the homeowner from being able to personalize the house. Unfortunately, if the HOA is negligent in maintaining the community, a homeowner might find peeling paint or damaged outer walls and not be able to address it.
- HOAs are run by humans. The HOA board is made up of members of the community who have their own lives to worry about as well as the HOA. Sadly, this sometimes leads to the community needs being put on the backburner. There are also many stories of the HOA being run by the cranky old lady who has nothing better to do all day than wander around looking for violations.
- HOA fees are a part of living with an Association since they are what pays for the Garbage Collection, Snow Removal, etc. Much like taxes, they are necessary, but not often liked and are the cause of many financial frustrations since they are usually several hundred dollars a month.
- At some point in life, a person might find themselves the owner of an ATV or RV which are against HOA parking regulations. The homeowner must then either make a place in the backyard for additional recreational vehicles or pay for offsite storage since most Associations contain terms in their contract for towing.
Living in an HOA community is often a double-edged sword since the same rules and regulations that restrict the homeowner in personal choices also benefit the same owner by keeping property values high. The fees that pay for community services and maintenance can be detrimental to the homeowner’s financial stability. Being aware of the pluses and minuses of living in an HOA community is vital before becoming part of one.
When you want a realtor who will make you their number one priority, it’s time to contact me to set up an initial consultation. Feel free to call True Performance Real Estate today and any questions you might have about selling your home!