Home Owner Associations
Pros & Cons
Pro No. 1: Your neighborhood will look good.
Generally, an HOA establishes rules to ensure the neighborhood looks sharp. These include strict guidelines about keeping lawns manicured, restrictions on parking oats and other large vehicles on the street, and limitations on exterior paint colors. This type of oversight eliminates issues with one or two properties weighing down all property values due to an unpleasant exterior.
Pro No. 2: You’ll enjoy access to amenities.
An HOA usually offers community amenities such as a pool, a fitness center, parks, tennis courts, children’s play areas and security gates.
Pro No. 3: Your maintenance costs shared.
HOA dues are earmarked for maintenance of shared spaces. This includes community lawn care (but not for your own yard), community snow removal (but not for your own property) and upkeep of common areas.
Pro No. 4: You’ve got a built-in mediator.
Involved in a tiff with your neighbor over that big oak tree that’s losing limbs? You can settle some confrontations with your neighbors by taking your grievances to the HOA’s board or management company.
Pro No. 5: You can get to know your neighbors.
If you’re elected to serve on the HOA board or are otherwise active in the association, you’ll become better acquainted with your neighbors. Afterall. you should know your surroundings, including the people in them.
Con No. 1: You’ll fork over more HOA dues.
When buying a home in a community with an HOA, you’ve got to add HOA dues to your budget. The dues vary, but typically run in the hundreds of dollars per month.
Con No. 2: Your hands will be (somewhat) tied.
If someone buys a home in an HOA community and wants to make changes to the property, such as the addition of an enclosed patio, it normally must be approved by the HOA’s board. It’s possible that an HOA could prevent certain updates on a home or unit.
Con No. 3: You may be hampered by financial
woes.
If an HOA is facing financial problems or is
ensnared in a lawsuit, it could harm your ability to obtain a loan for a home and could hurt sale prices of homes in the community.
Con No. 4: You’ll lose some of your freedom.
When you live in a community governed by a HOA, you’ll have to follow its rules, even if you think they’re ridiculous. You do, however, have the option of petitioning the homeowners’ association to change any rule you don’t agree with. But if you lose, you will have to live with it.
Con No. 5: You may have some pet problems.
Dogs and other pets are another common homeowners association problem. While there aren’t typically rules preventing you from having a pet, there are definitely rules regarding whether or not your pet is a nuisance. Some areas may be able to institute breed or weight restrictions. This is more common in condos than in freestanding home communities. Common pet problems
include noise, leash law violations, and owners refusing to clean up pet waste.