Pros and Cons of a HOA. What everyone should know about it
“You won’t believe what my HOA did.” That’s a line probably uttered by countless residents of communities governed by a homeowners’ association. It’s like many other things in life; people are quick to complain, but not as quick to congratulate or assess value. Customer service pros know this all too well, as they spend the majority of their day dealing with dissatisfied customers, rather than fielding “atta-boys” from those who are pleased.
Let’s take a look at a couple pros and cons of a HOA associated with living under rules and regulations created by an HOA.
Con: You’ll lose some freedoms, such as the ability to paint the exterior of your home any color you wish or express yourself through outside décor that’s considered questionable, tacky or even controversial.
Pro: Your community will have a consistent look, and while you may not be able to choose exterior colors or display your prized collection of flamingos in the front yard — your neighbors won’t be able to paint their homes purple or store auto parts or old furniture in their front yards.
Analysis: HOA advantages and disadvantages: If you’ve ever lived in a neighborhood that had residents who were “outside the box” and did things that brought down the value of homes around theirs, conformity to an HOA in terms of exterior look and feel is probably not something you’ll have an issue with. Remember, while many homeowners may think earth tones are great, others will be fans of shockingly bold colors that can drift into the eyesore area. Having an HOA oversee how a community looks definitely helps maintain or increase property values.
Con: You’ll pay monthly dues to your HOA that may rise annually — and you may not understand where the money goes and/or think you’re getting good value from your investment.
Pro: You divest yourself of responsibility for things like landscaping, pool maintenance and other common area tasks, which are paid for by homeowner dues. In some communities, those funds are also used to pay for garbage pickup, water and sewer, and cable TV. Plus, a healthy chunk of what residents pay should be going into a reserve fund that’s labeled for big-ticket capital expenses.
Analysis: When you consider what it costs to hire a landscaper, pool professional and other tradesmen to keep up a house outside an HOA community, paying a monthly fee that doesn’t change for at least one year starts to sound like a good deal. While special assessments are possible for significant maintenance activities — like replacing balconies, for instance — for the most part well-run HOAs should have money in the bank to cover community maintenance and/or replacement projects.
Our advice when it comes to living in a community that’s governed by an HOA is to ensure you know what you’re getting into before you make a move. And, focus on the positives that occur when you live in an HOA-governed community, such as knowing that your neighbor’s holiday decorations aren’t going to still be up in June: one of HOA benefits.
Now that you know some pros and cons of a HOA, you can learn more about Vinteum Neighbors on our website! Your condo or HOA community could have more pros than cons. Visit Vinteum.io, create your free account, and learn today how Vinteum Neighbors could help your community!
