Short for Homeowners Association, an HOA is an organization in the community that makes & reinforces rules to help maintain a clean & well-kept neighborhood. Homeowners volunteer to be a part of the HOA to oversee the neighborhood & its operations, make decisions & better the community they live in. Other times a property management company is paid by the homeowners to run their HOA.
Is a neighborhood with an HOA the right fit for you? Let’s look at the pros and cons!
PROS:
✅ The HOA handles a lot of exterior upkeep in the common areas which helps make the neighborhood look well kept.
✅ With owning a property under an HOA, there’s a possibility you’ll sell for more in the future! With the Homeowners Association staying on top of community maintenance, the neighborhood will instantly look more appealing. Often, the HOA will have rules (such as not allowing homeowners to paint their house bright orange or leave abandoned vehicles on the street) to help keep the community looking its best.
✅ Shared common areas are another perk of having an HOA. Beautiful fields with green grass & children’s playgrounds are often offered in a community with a Homeowners Association.
✅ Sometimes there are even community pools & fitness centers – and you won’t have to maintain anything personally.
CONS:
⛔️ Monthly HOA fees are mandatory & they can be expensive, depending on the community & what the costs include.
⛔️ If you don’t like rules & restrictions, an HOA might not be for you. If you’re looking to repaint your home, build a back porch, put in a new fence, or place a structure (like a swing set or outdoor shed) in your backyard, you’ll need approval from the HOA first.
⛔️ You’ll want to make sure the monthly fees fit into your budget before buying a house in a neighborhood with a Homeowners Association – falling behind on your HOA payments can lead to a foreclosure!
What are your thoughts on having an HOA? Do you like the idea of neighborhood common areas and a well-kept neighborhood? Or would you prefer better flexibility, fewer costs & more freedom?
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