Home Owners Association (HOA)
The HOA is a touchy topic for some. Some people will speak positively about the Home Owners Association and some will cringe at its name. In general, if you are a part of an HOA, you must abide by its regulation and policies and pay either a monthly, quarterly or annual fee to cover maintenance of the neighborhood.
We won’t sway you either way, but we thought providing you with a list of advantages and disadvantages to an HOA would help you decide which is right for your next home. Let’s start with its advantages…
Advantages
There are a variety of benefits of an HOA that many people actually would prefer to live in a community with one, such as:
Neighborhood Appearance
One good thing about the HOA is that homes within the association must meet the standards of the association. This in return keeps the community looking impeccable and avoiding unkempt lawns, chipping paint, crooked shutters, or broken rails.
Your Home Won’t Be High Maintenance!
The services may vary among different HOA’s, but typically services such as snow removal, lawn care and trash are handled by the HOA. This eliminates some work off your plate!
Amenities
As with the maintenance, not all HOA’s may offer this, but many provide recreational spots. These include pools, tennis courts, walking trails, and more!
Disadvantages
Strict Regulations
For some buyers, the thought of living in a HOA community is a deal-breaker. Some are more strict than others with different regulations. So if you want a decorative flag on the front of your house, want to park your RV out front, or want to run a business from home, you may want to look into the specifics of the agreement before moving into an HOA community.
If you do not abide by these regulations, you run the risk of being fined.
Fees
The fees paid by the home owner can vary among association depending on how many amenities are included in the community, as well as services provides (as mentioned earlier). These fees can also be raised at anytime. Even though you may not use the amenities (pool, tennis courts) directly, these can still add to your home’s value when selling…so that’s a plus!
There are many benefits to living within an HOA, but there are also some downsides. It is important that you determine whether or not an HOA is right for you!
Are you thinking of buying or selling a home, or have a friend or family member who is? Contact The Pivec Group today by calling 443-692-8800 or visiting our website! We look forward to hearing from you and helping you find YOUR dream home!
