Homeowners Associations are organizations that make and enforce rules for the properties and residents of a community. Each property owner within the HOA’s jurisdiction pays fees to cover the upkeep and use of common areas. Choosing to live in an HOA community means abiding by a set of rules, so you should definitely find out as much as you can about them!
Before buying property in an HOA community always remember to ask:
- Rules of the HOA
- Reputation: Try to strike a conversation with your would-be neighbors, especially the ones who have lived in the area for years, and ask about their level of satisfaction with the HOA. Does it function well, is the maintenance handled effectively, is there any drama
- Who’s on the board: As a follow up to the above.
- What amenities does the community offer
Pros
- HOAs endeavor to keep the neighborhood organized through rules governing maintenance of homes and common areas.
- Chances to socialize and meet your neighbors.
- The HOA will have a board to resolve any property related disputes between neighbors.
Cons
- The HOA fees can be a strain on the monthly or annual budget.
- HOA rules exert a degree of control over your home life, with certain activities, pets or decorations being not allowed.
- Some HOAs are not good at communication, preferring instead to sanction its members instead of seeking alternative resolutions.