Realty Executives

Should you Choose an HOA?

by Susan Christy 06/13/2021

Image by StockSnap from Pixabay

In many communities, homeowner’s associations, or HOAs, provide services to residents of the neighborhood. In fact, as many as 26 million homes are under the guidance of an HOA across the country. These community organizations can help ensure the neighborhood’s homes stay in good repair, residents treat each other respectfully, and agreed-upon rules are followed by all community members. But HOAs are not free. To be a member of a community with an HOA, you will need to pay a monthly or annual fee. So is the HOA worth having? Here are the benefits and drawbacks to consider if you’re shopping for a home in a community with one.

Benefits of an HOA

An HOA will provide amenities for you as a resident of the community. Sometimes, those amenities may include things like community swimming pools or a fitness center. They may be something as simple as enforcing rules about the upkeep of homes so the neighborhood looks nice. This, in turn, can help preserve the value of your property.

HOAs can reduce some of your responsibilities. Depending on the terms, they may cover lawn mowing and snow removal, or they may give you someone to call if your neighbor is letting his dog bark at odd hours of the night.

Finally, an HOA gives you a voice. These associations are run by boards, which are typically community residents, and those board members are supposed to listen to the needs and desires of community members.

Drawbacks of an HOA

On the other hand, an HOA does have some drawbacks. Sometimes, the rules, like rules about fencing in your yard or the color you can paint your home, may be detrimental to your goals. The cost is another factor to consider, as it will increase your overall cost of homeownership.

Depending on the terms of your HOA contract, it may be possible for the association to foreclose on your home if you fail to pay your dues and follow the rules. They can also spring assessments on the homeowners within the association if they lack the money to cover an expense, such as if the community pool needs to be renovated.

Finally, an HOA will often limit the rental of homes within its governance. If you need to move and don’t want to sell, you may not have the freedom to turn your home into a rental. If rentals are allowed, the HOA will have regulations about the rental agreements that you have to follow.

So is an HOA right for your needs? The answer truly depends on your goals for your home and your overall budget. Weigh the pros and cons, and then make a decision that fits you.

About the Author
Author

Susan Christy

 Hello, and thank you for visiting!

When it comes to real estate experience, few compare to Susan Christy. As a full-time Realtor for over 30 years, Susan has been successfully selling and finding homes for her clients since 1987, and her in-depth knowledge of the real estate process is hard to match. There are few challenges Susan hasn’t experienced and successfully resolved. She has not only the expertise to seamlessly close a real estate transaction, but the personal skills to instill a comfortable confidence, putting her clients at ease. She carefully listens, puts a plan in place, and follows through to the close of escrow and beyond. Susan is the real estate professional with the tact and skill to negotiate the highest return for her sellers and best possible price for her buyers: the true professional you want on your side.