When it comes to Home Owners Associations, many people either seek to buy within one or avoid them at all costs. Whichever your preference, read on for more info regarding the pros and cons about buying within an HOA community.
Pro: Your Neighborhood Will Look Great
- One of the most appealing aspects of living under an HOA is the constant and impressively uniform upkeep your neighborhood gets. Regardless of the time of year, you can always expect streets, lawns, and pathways will always be clear and accessed with ease. Part of your monthly HOA fee takes care of the upkeep of the entire neighborhood or private community.
Con: Your HOA Fee is Due With Your Mortgage
- If you weren’t already aware, owning a home within an HOA brings about a monthly fee, or yearly fee depending on your preference. This is an important bill to factor in to your budget, because it is mandatory and agreed to on your end upon the buying of your property. Your HOA fee covers sewer and roof upkeep, street cleaning (usually), exterior building maintenance, trash pick up, and more!
Pro: Allows for Free Mediation
- Neighbor disputes, no matter how small, are easily taken care of by your HOA. Trees overlapping into your yard, shared lawn issues, loud music – all is mediated for free. This is convenient in the way that you don’t have to immediately resort to taking matters up with the court and/or city like you would if not under an HOA.
Con: You Have Limited Choices
- Even though your home is your property, your HOA has strict rules you’ll have to follow to maintain the neighborhood’s aesthetic. This can range from what color curtain you can have to whether or not you can park your car on the street. Other restriction include house color, mandatory shutters (and their color), plant selection, and more.
Pro: Your Fees Cover Maintenance
- Funds accumulated by your HOA will cover not only maintenance, but also unexpected projects. You’ll never catch a pot hole or dangerous sidewalk crack in an HOA community!
Con: They Can Be Overbearing
- You’ll want to attend your HOA meetings before a small group of people are left making major decisions for an entire neighborhood. This causes issues especially if you have “that” neighbor that causes an uproar if a new rule is enforced. Unwanted speed bumps or regulation changes to home appearance can make the “sue-happy” neighbor come to the surface, resulting in stress for your HOA and entire community as well. Furthermore, there are instances where even a board member may be too lenient or too strict in their decision making. Any level of corruption has effects that will trickle down to you and your neighbors in one way or another.