HOA’s: Love em’ or Hate em’

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Home Owners Associations (HOAs); homeowners either love em’ or hate em’. An HOA is a governing structure for a plannned community. Statistics show that HOAs govern nearly 60% of single-family homes (Kalfrin, 2019). If you are shopping for a new home, you should weigh the pros and cons of purchasing a home with an HOA.

Pros to HOAs

  • Amenities such as swimming pools, golf courses or club houses.
  • Maintenance of common areas.
  • Typically prevent property neglect.

Cons to HOAs

  • In addition to routine HOA fees, HOAs can impose special assessments if they do not have cash reserves to cover an expense.
  • HOAs may limit you from renting your home.
  • Guideline about home exterior such as garbage cans, parking, grass, mailboxes, paint color, pets, etc.
  • Risk of fines, liens, or in rare cases, foreclosure.
  • Mismanagement of the HOA.

On the surface, living in an HOA may seem like a real bummer. After all, you have to pay a monthly fee and you are subject to a lot of rules. You also have to deal with overzealous neighbors getting all up in your business and complaining about how you live. The other side of the coin is your neighbors having no accountability or rules when it comes to how they maintain their homes and how they behave as neighbors. Imagine working hard to keep your lawn and home exterior impeccable while your next-door neighbor has a car on blocks in the front lawn and doesn’t mow their grass. Ultimately, You have to decide what works best for you and your family.

The agents at Right Size Realty are here to help you navigate all your home buying decisions. Feel free to call us and discuss your needs.

Rodney McCoy 601.383.1019 rmccoy@rightsizerealty.com
Jamie McCoy 601.259.0461 jmccoy@rightsizerealty.com
Andrew Tyre 601.842.4270 atyre@rightsizerealty.com
Allen Wilson 601.985.9231 awilson@rightsizerealty.com
Paul Tyre 601.709.9002 ptyre@rightsizerealty.com
Dianne Nelson 601.421.7094 dnelson@rightsizerealty.com

References:

Kalfrin, A. (December 23, 2019). HOA Pros and Cons for Homebuyers: Rules, Fees, and Perfect Lawns. Retrieved from: https://www.homelight.com/blog/buyer-hoa-pros-and-cons/
TheAllstateBlog. (September 12, 2014). What to Know About Homeowners Associations before you Buy. Retrieved from: https://www.allstate.com/blog/homeowners-associations/