When considering buying a home, you might come across properties in communities governed by homeowners' associations (HOAs). These organizations are designed to manage and maintain the community, often requiring residents to pay HOA fees.
While HOAs can offer many advantages, they also come with certain drawbacks. To help you make an informed decision, we made a quick guide on HOAs, including why they exist and the potential advantages and drawbacks you'll face living in communities governed by this body.
Why Are There HOAs?
HOAs are established to manage and maintain shared spaces in a community. They are typically responsible for enforcing rules to preserve the neighborhood's appearance and value. By collecting fees from homeowners, HOAs fund services like landscaping, upkeep of common areas, and community events.
The main goal of many HOAs is to create a clean, organized, and pleasant environment for residents.
Pros of Living in Communities With HOAs
1. They Have Community Amenities
HOA communities often include amenities like swimming pools, gyms, parks, or clubhouses. These features add convenience and entertainment for residents without the need for personal upkeep.
2. They Provide Community Services
HOAs may offer services such as snow removal, trash collection, and landscaping for shared areas. These services not only save homeowners time and effort but also ensure that the entire neighborhood remains clean, safe, and appealing.
3. HOAs Can Help Improve Your Home's Perceived Value
By enforcing rules and maintaining common areas, HOAs contribute to the overall aesthetic and desirability of the neighborhood. A tidy, organized neighborhood often appeals to buyers, making homes in HOA communities more attractive on the real estate market.
4. They Provide Home Maintenance Support
In some HOA communities, the association may cover maintenance tasks for the exterior of homes, such as repainting, roof repairs, or pest control. These services vary by community but can relieve homeowners of certain responsibilities.
Cons of Living in Communities With HOAs
1. There Are Rules You May Not Want to Follow
HOAs enforce rules that dictate how properties should look and function. For instance, there may be restrictions on the colors you can paint your house, the types of fences you can install, or even the kinds of plants you can grow in your yard.
While these rules are intended to maintain uniformity and aesthetics, they might feel limiting if you prefer to personalize your home or yard without restrictions.
2. The Fees Can Be Steep
HOA fees can range from a modest monthly amount to hundreds of dollars, depending on the community and its offerings. These fees are mandatory, even if you don't use the amenities or services provided. Over time, these costs can add up and may feel burdensome for homeowners, especially in communities where the benefits are not immediately visible or appreciated.
