HOA’s: What Every Homeowner Needs to Know

Filed under: Home Tips

Tagged with: · ·

What do you know about Homeowners Associations? Are they good, or are they bad? In my opinion, they are what they are – there are pros and cons to living in a neighborhood with an HOA.

Homeowners Associations are becoming more common. Often referred to as HOAs, these organizations are designed as governing bodies that will set rules and regulations for the neighborhood.

Benefits of a Homeowners Association

One of the benefits of HOAs is that the rules will maintain better uniformity in the appearance of the homes, which typically preserves the value of the neighborhood. Every homeowner benefits because their real estate investment is protected.

For example, an HOA will prevent people from painting their house an odd color, or leaving a deteriorating car in front of their property for an extended period of time. Additionally, it helps by encouraging the neighbors to keep up on the landscaping outside.

Other advantages include that the HOA plans events for the neighborhood. Sometimes, community facilities are available for use, such as a park, pool, or clubhouse.

Drawbacks of a Homeowners Association

All of these benefits may come at a cost, and people agree that there are definitely cons that come from having an HOA. This association is going to cost you a monthly fee, which means that your monthly payment is going to go up.

Another consideration is a specific way you might want to use your home, which might be outside the HOA guidelines. One big issue homeowners run into is RV parking, since most HOAs don’t allow RVs to be parked in the neighborhood.

Should You Buy a Home with an HOA?

Each situation is unique, which is why you need to consider your goals with homeownership. If you are preparing to buy a home and you are wondering if a property in a neighborhood with an HOA is right for you, then reach out to me. I’m happy to have a conversation about the pros and cons of HOAs. Call or text me anytime: (951) 473-0390 or reach out by email: [email protected].