Should You Buy A Home With A Homeowner's Association?
Choosing a real estate agent and getting preapproved for a home loan are two essential steps you should complete before you start searching for a home to buy. Once you do these things, you can begin your search. As you look at houses for sale, you might notice that some of them are part of a homeowner's association (HOA). Should you buy one that has an HOA or not? You can decide for yourself by learning more about the pros and cons of HOAs.
The Pros of HOAs
An HOA controls what happens in a community by providing management duties to the neighborhood and a set of rules and restrictions. Having an HOA in your neighborhood provides several benefits to you as a homeowner.
The first benefit is uniformity. If you want all your neighbors to have a list of rules they must follow that dictate how they care for their homes, you will benefit from an HOA. An HOA provides uniformity by requiring all homeowners to follow specific rules. When you have rules in place, homeowners tend to provide more care and maintenance for their homes. The home prices in the neighborhood tend to hold well and increase, and this is good news for you.
A second benefit is that the HOA provides maintenance for your home. You may have fewer things to do around the yard, due to the services the HOA includes in your monthly fee.
The Cons of HOAs
The two main downsides to an HOA are the fees you must pay and the rules you must follow. The rules are both a positive thing and a negative thing. When you have rules to follow, you have limits. You might not be allowed to park your car on the road because of the rules. You might not be able to put up a fence in your backyard due to the rules.
The fees are the other downside. You must pay a fee to the organization each month, and this fee increases the cost of living in this neighborhood. Make sure you know what the fee is before buying the house.
As you now see, living in a home with an HOA provides benefits and drawbacks. You should consider these things and decide whether you prefer a house with an HOA or one without. You can talk to a real estate agent if you have any other questions about homes for sale or HOAs.