When I first started looking for a home I was so confused with the process. I was especially confused with some of the terms they discuss in the market. I said that when I become a Real Estate Agent, I would focus on teaching families. I would teach them how to invest in Real Estate. I would help them to become knowledgeable about those things that can help them. I had a difficult time learning about a Homeowners Association. This changed when I bought a home that had one. I experienced some positive and negative things.
A Home Owners Association also knows as an HOA is an organization in a subdivision, planned community, or condominium building that makes and enforces rules for the properties and its residents. There are many benefits of a Home Owners Association. There are negatives too. and We will review both sides.
Advantages of A Homeowner Associations
- Pays for your grass maintenance, infrastructure of the home, and things that will keep the neighborhood looking nice.
- It stabilizes the value of the property. It ensures the homes all look the same. The grass is maintained. The pools are also maintained, etc.
- It boosts the value of your home. It ensures that all the homes have a consistent look. They stay maintained. The exterior is nicely painted, as well as driveways.
- Gives you a strong sense of community. Everyone plays an important role in ensuring the property is participating. This helps the homes stay aesthetically pleasing to the eyes.
- Some include an upkeep of the common areas. When visitors drive in the community, they can see its beauty and splendor as they pass.
- Include cable television, water, etc, that save you money.
Disadvantages of A Homeowner Associations
- You do not have flexibility to change the things you want when you want. You will need to have those items first approved by the board before you can make changes.
- There is a payment required for the life of the property and so you never really pay it off.
- If payments are late you can add late fees.
- If fees are not paid promptly, a lien can be placed on your home. This will hold until the payment is made in full.
- Many times they make decisions as to the type of vehicle you can park. They decide where you can park. They also decide how you can park in your community.
- There is potential to have conflicts with neighbors when they are board members when attending meetings when you disagree with certain decisions the Board makes
- Discriminate undiscriminatingly where some boards discriminate based on certain biases like your religion, or what you wear.
Should you buy a Home that has a Home Owners Association
This answer is based on personal preferences and finances. You want to make sure you do your math homework. Also, take a deep look into the payments you will be making. These payments will be on a consistent basis for the life of the property. You want to make sure that the payment of the HOA will be affordable. Make sure you agree with the guidelines. If you decide to buy a big truck, you will have a big issue. The associates’ bylaws mention it’s not allowed. It would not be allowed. So you’ll have to think: will this be okay for you, can you live without a big truck? Be sure to take time to think about this. Review the HOA you get in advance so you know what to expect. You can ask questions if there is something you do not understand.
Buying a Home can be a tedious process and it can also be very frustrating. When you have a knowledgeable realtor by your side it makes the processes so much more smoother. As a realtor, my number one goal is customer satisfaction. Your business is my business. Your friends and family matter to me too.
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