PRO’s and CON’s of Homeowners Associations
The big buzz in my world right now centers around a 3 letter acronym that most of us are familiar with and many want nothing to do with – HOA- homeowners associations. They’ve been around for awhile, and each one is vastly different from the next. I’ve seen some start as low as 150.00 and go up to 900.00/year. So what are the pro’s and con’s of living in a neighborhood with an HOA. Let’s examine 2 the pro’s- Community appearance. Usually the association list standards that are to be met when it comes to things like landscape, house colors, and personal property (like old vehicles and trailers) that can be parked in the driveway. So, It can preserve the overall neat appearance of a neighborhood when owners are expected to maintain nice curb appeal without a cluttered yard. And that certainly leads to higher resale value of all the homes in the community. 2nd- Amenities, amenities can range from a swimming pool and tennis courts, to simply walking trails and a pavilion. You pay for the enjoyment of having a little extra community activity. How about the Con’s to an HOA- sure there’s the yearly fee. But mostly, the biggest complaint is the rules and regulations imposed on the homeowner. For instance, being told that your mailbox has to match all the others, or that you’re fence can only be a certain style, or that your shutters can’t be fluorescent orange. Just remember though, if there’s no rules imposed on your property, there is none on your neighbor’s either. Bottom line- you decided what’s best for you. And be sure to ask about covenants and restrictions and read the details.