When I first started looking for a home I was so confused with the process and especially 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 how to invest in Real Estate and help them to become knowledgeable about those things that can benefit them. A Homeowners Association is one that I had a difficult time learning until I actually bought a home that had one and 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 and 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 by making sure the homes all look the same, the grass is maintained, the pools, etc.
- It boosts the value of your home by ensuring that all the homes have a consistent look and that they remain maintained or that the exterior is nicely painted as well as driveways.
- Gives you a strong sense of community because everyone plays an important role in ensuring the property is participating in helping the homes remain aesthetically pleasing to the eyes.
- Some Include an upkeep of the common areas so that when visitors drive in the community they are able to see its beauty and splendor when passed.
- May include cable television, water, etc, that may save you money.
Disadvantages of A Homeowner Associations
- You may not have flexibility to change the things you want to change when you want because you will be required to have those items first approved by the board before you can proceed.
- 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 accrue late fees.
- If fees are not paid in timely fashions its possible that a lien can be placed on your home until the payment is made in full.
- Many times they make decisions as to the type of vehicle, you can park, where you can park, and 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 may discriminate based on certain biases like your religion, or what you wear.
Should you purchase 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 and take a deep look into the payments you will be making on a consistent basis for the life of the property. You want to make sure that the payment of the HOA will be affordable. Then you will need to make sure you agree with the guidelines because lets say you decide to buy a big truck and the associates bylaws mention its not allowed then you will have a big issue as 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 and review the HOA you receive in advance so you know what to expect and 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 because your business is my business and your friends and family too.
Are you looking for a home, contact me and lets find your special place. Search for homes here