HOA’s – Good or Evil?

home owners associations

Are you not sure whether not you’d like to buy a home with the homeowners association? Have you had a lot of horror stories told you about people that live in a neighborhood with an HOA? Well they’re good things and bad things about HOA ways, let’s look at them.

The Bad:

Monthly dues. Nobody likes paying monthly dues and that’s just on with the territory of having an HOA. Monthly dues or how the HOA maintains your neighborhood and pays for the costs associated with it. HOAs are nonprofit so they’re not allowed to make any money off dues, but management fees can be very expensive, and management companies are out for a profit.

Strict Regulations.  Many homeowners associations have very strict regulations about what you can do with your home. When you want to modify or improve your home you’ll most likely have to get it approved by the HOA.  This can often be a painstaking and frustrating process, but if your homeowners association does a good job it should not be that bad.

The Good:

Curb Appeal.  You ever driven through a neighborhood where many yards are nothing but dirt and there’s junk and trash all over peoples yards? Well you can bet that that neighborhood does not have a homeowners association. A homeowners association will maintain the integrity of your neighborhood and as a result will it maintain the value of your home. You will not have to come back to neighbors over an unsightly mess, the homeowners association will take care of that for you.

Landscaping.  Homeowners associations can also maintain the entrance and the amenities to your neighborhood. This provides beauty and attractiveness to your neighborhood and therefore your home. Homeowners associations can maintain pools playgrounds tennis courts basketball courts golf courses and more. This generally leads to an increase in the value of your home.

If you’re considering buying a home in a homeowners association you need to get all the facts. Your real help real estate agent will provide you with a complete set of homeowner association regulations and financial information so that you can make a good decision when you buy your next home.