Home buyers have a lot to consider before purchasing a new home or condo. Location, size, price, and style are all big factors, but for a lot of people Homeowners Associations are the biggest deciding factor in whether they will purchase a certain home. Some people refuse to even consider a neighborhood with an HOA, but for others it’s a requirement.
Curious what might make buyers choose either way? Considering whether to put an offer on a house in an HOA community? Here are 6 pros and cons.
Pro: The HOA maintains the common areas.
For many, the biggest perks of an HOA community are common areas like the pool, clubhouse, walking trails, playgrounds, and other amenities.
Con: You have to pay HOA fees.
If you move into an HOA community, membership and dues are mandatory. The fees also vary depending on type of community, location, and amenities.
Pro: HOAs help keep uniformity.
Each HOA dictates what its members can and cannot do to heir homes. This is great when you have one neighbor who refuses to mow their lawn, or another who decides a hot pink house would be a good idea.
Con: There is a lot of red tape.
For some HOAs, the approval process for even minor updates like painting your front door or planting a tree can be long and complicated.
Pro: The HOA mediates problems on your behalf.
If you have a neighbor with cars parked all over the street or trash strewn throughout their yard, you don’t have to worry about confronting them because the HOA will.
Con: They can be overbearing.
Many people think that if they own their home, they should be able to make whatever changes they want. So while an HOA will keep rowdy neighbors in check, it also sets restrictions on you.