Pros and Cons of an HOA
If you are in the market to purchase a new home, you have likely weighed the pros and cons of purchasing a standalone home versus a townhouse or condominium that is a part of a homeowners association. Deciding what your best option is for you financially in the long term can be daunting!
We are here to help! In this article, we will explore the pros and cons of an HOA so that you can make the best decision for your home purchase.
Let’s start out with the pros, as there certainly are a lot of perks and benefits that come with being a part of a homeowners association!
If you are someone who does not want to spend a lot of time maintaining your yard or doing lawn work, being part of a homeowners association might be a great option for you. HOA’s have maintained common grounds for all residents and the service is included in your HOA fee. Say goodbye to shoveling snow in the winter, plowing your street, raking leaves, or cutting grass. Your time is valuable, and if you do not enjoy this kind of work, an HOA can save you a lot of headaches.
Depending on the property that you decide on, you may have access to certain amenities that a standalone home would not offer. Some of these amenities may include community gardens, pools, fitness centers, and parking spaces. These are also maintained by the HOA and are included in your monthly fee.
If you are reading the pros of this list so far and thinking that an HOA is the right choice for you, you are not alone! This is why there is an increased property value associated with these types of properties. This means the return on your investment may be greater if you decide to go with this option.
Cohabitating with others is never easy. The good part about homeowners associations is that they will handle any conflict resolution between residents. This can be a game-changer if you have had bad experiences in the past and are willing to pay a little bit more monthly to have a mediator if you need it.
Homeowners associations certainly have their benefits, but there are also a few cons to consider. Let’s dive into those next.
Fees can be considered a con of being part of a homeowners association community. On average, fees range anywhere from $200-$300 per month according to USA Today. You will need to factor this cost into your monthly budget to decide if you can afford to live in an HOA community, and if it is the best use of your money long-term.
HOAs can be strict about customizing your space, depending on the rules and restrictions. For example, exterior decor such as plants and string lights might not be allowed. The same goes for interior projects, which may need to be approved by the association before you begin renovations.
If you violate any rules or restrictions of your HOA, it is possible that you run the risk of getting fined. This is a risk that does not occur if you own your stand-alone home and the property surrounding it.
In terms of having the autonomy to make any major home renovations such as expansion, you will have limited control if you are part of an HOA. This orderly conduct may appeal to some, while others desire more freedom over their purchased property.
As you can see, there are quite a few pros and cons to consider when deciding if you want to join an HOA community. The bottom line is this: it all comes down to how much autonomy you want over your space, how you prefer to invest your money, and the preferences you have when it comes to maintenance.
If you are planning to embark on your home-buying journey, contact VSells&Associates today!
Whether you are buying or selling, we at VSells & Associates make it our mission to guide our clients through the whole process. We make moving simple, straightforward, and as stress-free as possible.