Have you ever thought about whether or not you should move into a homeowners association? It’s a very common question, and it’s crucial to consider the pros and cons of joining a homeowners association or HOA. Finding out the best and the worst that being part of an HOA can save you a lot of time, money, and stress.
This is why, in this article, we will tell you all about the homeowner’s living experience – the good and the bad.
Homeowners Association Pros and Cons: The good
Living in an HOA can bring several benefits to you including access to activities, being able to socialize with neighbors, and not having to maintain things outside of your property and many others!
You don’t have to maintain things outside of your property
One of the best things about living in an HOA is that you don’t need to worry about keeping everything nice and organized – the board of directors already organizes that for you! Electrical issues, repairing structures, trash, painting/cleaning exteriors, snow removal, lawn and landscape maintenance, are all things that an HOA maintains in common areas.
You have access to various amenities
Many people that don’t live in HOAs have to spend a lot of time going to the gym or restaurant. In a community, however, you most likely already have them as part of the HOA. You can enjoy various spaces with more accessibility and without the need of upkeeping them. This is a great pro of living in an HOA as it’s a lot more convenient and you can socialize with your neighbors more easily.
Property Values
Your house’s value increases in an HOA. If you decide to sell your home, you could sell for approximately 4%(2019) more than you could living outside an HOA as it creates a more aesthetically pleasing landscape, maintains homes, offers emergency services, and enforces rules and regulations.
Fixed problems
If you face issues or problems with your neighbors, say they’re playing music loudly, you can easily report this to the board of directors and they’ll take it from there. Not only this but HOAs can include safety monitoring that will make sure you’ll be safe from intruders, thieves, and any problems you might have due to poor security.
Sense of community
In an HOA you can create a sense of community. You can socialize with your neighbors and form friendships with those around you. It is also really common for HOA’s to host events like Halloween, Christmas, senior party, all of which you can participate in. Not only this, but you can also volunteer with your board or in a committee and help other residents feel more welcome in your association.
Homeowners Association Pros and Cons: The bad
Despite Homeowner Associations having various pros it also has its fair share of cons: expenses, limitations, poor management, are all things that can drive away a person from wanting to live in an HOA.
Expensive
One of the main drawbacks of HOAs is the price. HOA fees are mandatory and can be expensive. This is due to having to pay for maintenance, employees, and reserve funds for emergencies (such as natural disasters). So in addition to the house prices, the monthly or quarterly payments can be a burden for buyers.
Limitations
One of the biggest causes of complaints aroundHOAs is the number of restrictions set by the community. Some people don’t have any problems with the rules. But others find it particularly disturbing the amount of limitations they have towards doing what they want with their own property. Some HOAs, for example, have a select template of colors that a resident can choose from to paint their house.
Bad management
Unfortunately, the board that runs the community can sometimes be unprepared, unprofessional and lead to disorganization and miscommunication on the HOA. One of the biggest issues that a poorly managed community faces are repairment problems, or large projects that cost a lot and mean a raise in HOA dues.
Board with too much power
Some board members can abuse their power while enforcing rules that are way too restrictive and can make homeowners uncomfortable. This is because since residents take part in the board member position, it can lead them to be biased towards certain issues. They could implement rules for their own benefit or for the burden of others, for instance.
Risk of lien or foreclosure
As mentioned above, you have to follow the community guidelines, but what happens if you don’t? Well, you are then fined and, if you can’t or don’t pay, your house will be put on lien or foreclosure – meaning you have the chance to lose your property. This happens most frequently if you don’t pay your HOA fees.
Final Points to Homeowners Association pros and cons
As you could see, there are pros and cons to consider when you move into a homeowners association. It is very important that you make sure you are comfortable with all of the rules and regulations enforced in the community, for you to be able to enjoy all of the benefits it can provide.
If you want to learn more about HOA’s and what they do, download our free ebook on how community associations work. Where you can learn what to have on your community website and all the benefits it can provide!
