Is HOA Living Right for You?

Planned communities often come across asperfect when you compare them to traditional neighborhoods. But is an HOA neighborhood/home the right move for you? Up on the blog this week, we’re weighing the pros & cons. To learn more about HOA management or visit a home, contact your LRB Agent today!

The 2016 Community Association Statistical Reviewdocumented 26.3 millionplanned home developments, condominium communities, and HOAs or similar community systems govern cooperatives. A short descrption of an HOA is the understanding that residents agree to written guidelines and pay assessments to fund amenities and common maintenance expenses.

The Pros

  • The HOA enforces the rules.
    HOAsenforce community behavior, so you don’t have to become involved in neighborhood disputes. If your neighbor leaves a junker in the driveway, lights a bonfire, or makes too much noise, community management handlesit.
  • You’ll have an attractiveneighborhood.
    HOAs establishand managecommunity maintenance standards. Your feespay for landscaping, maintenance, repairs, insurance, and amenities.
  • HOAs help protect property values.
    Residents must agree tocommunity rules and guidelines. Failure to comply may lead to additional assessments orenforcement actions. This far-reaching ability to regulate resident behavior helps HOAs control the factors thatlead to diminished property values.
  • You’ll have on-site recreation and other amenities.
    HOA communities may offer pools, golf courses, green spaces, and organized social activities. They help create a communityto keep you active and involved.

The Cons

  • You’ll have no control over the fees.
    If the HOA has a bad financial year with too many community projects and not enough cash, your fees may increase.
  • You’ll have to hold back your creativity.
    You’ll have to restrain yourcreative impulses.For community consistency, HOA guidelines usually restrict external paint colors and decor. That means no lime green exteriors with fuschia trim.
  • You’ll have to go with the flow.
    Boards and/or management entities run HOAs. To provide input in their decisions, you must attend HOA meetings and stay involved. You may stillhave to go along with decisions you don’t like.
  • You’ll have to follow all the rules too.
    Everyone in an HOA-run community must follow the rules. That can mean anything from restraining your urge to party tocomplying with community remodeling guidelines.

HOA communities are a restrictive residential system, but theyallow you to enjoy the perks of homeownership withoutthe traditional hassles. You’ll have to decide if it’s ahomeownership option that works for you. Give us a call if you’d like to learn more about HOAs or are ready to start your search for a new home.