When purchasing a home, homeowners must determine if they are willing to take on HOA fees, or Homeowner Association Fees. These fees are typically paid monthly and are used to cover the costs of maintaining communal areas in the neighborhood, including landscaping, amenities such as pools, tennis courts, and meeting rooms, as well as all other areas used by the residential complex.
Why People Move to an HOA Community?
Many individuals are extremely hesitant to moving to a neighborhood that has HOA fees. However, the communities can provide a multitude of benefits to homeowners. First and foremost, these neighborhoods are committed to maintaining the cleanliness, uniformity, and beauty of a community. Not only are funds attributed to ensuring this, but the association also sets strict rules on community members to confirm that the premises are well maintained. This includes limiting the color an individual can paint their house and ensuring that all community members keep up with their house maintenance.
In addition to ensuring the beauty of the neighborhood, homeowner associations can also assist community members when they are confronted with neighbor disputes. Problems that would often require police assistance, such as loud music and unwanted parties, can be mediated by individuals in the association.
The Downsides of Moving to an HOA Community…
Although living in a HOA community may sound great to start, many homeowners discover the downfalls once they move in. The reality is that HOA communities can be costly. The monthly fees can range, usually from $100 and beyond. For those who are looking to prepare for retirement, this can be a barrier to getting ahead. Paying monthly fees can easily hinders one’s ability to add to their 401k. Plus, once someone finally retires, even if they have their home paid off, they are committed to paying monthly HOA fees until they move. When you are trying to live your retirement with minimal stress this can be an unwanted responsibility.
Additionally, these required monthly dues can create havoc if some unexpected life event occurs that requires financial restraint – say if you lose a job. Most bills can be negotiated and reduced with a change in lifestyle – however, if you live in a HOA community, you are stuck paying the fees regardless. This could eventually lead to an unwanted move, and one that could have been avoided if you were not living in a HOA community.
There are other factors that individuals overlook when moving into a HOA community as well, and these are the restrictions that many HOA communities place on their community members. Often, the rules are quite rigid on what homeowners can and cannot do. For example, many communities restrict their members from: renting a room in their home, growing food/gardening, parking commercial and recreational vehicles on the streets, and entertaining guests for an extended period of time, to name a few. Unless you as a homeowner are ready to abide by a long list of rules and regulations, you may want to reconsider if living in a HOA community is right for you.
How Can You Get Out Of Your HOA Community?
Have you purchased a home in a HOA community and have you now realized that it was a poor decision? If so, then selling may be easier than you think. You can sell to us, Gulf State Homebuyers. We are all-cash investors who purchase homes in the Houston area. We have worked with multiple homeowners who have regretted purchasing in HOA communities, whether it was because of their monthly fees or unwanted restrictions; therefore, we have developed a system that helps these homeowners get out of their fees and find a home that they can one day own, free and clear.
Selling your home on the market can be time consuming and tedious – it often creates stress and anxiety, steering people away from selling. They then end up living in the HOA community longer than they want.
Deciding to sell to an all cash buyer on the other hand can assist in reducing those negative emotions. We purchase homes all-cash and as-is. We provide competitive offers to individuals such as yourself, giving you the freedom to focus on finding your next home. We purchase homes that have HOA fees, and we even assist our clients with their moving costs.
If you want to learn more about how to get rid of your HOA fees today, contact us now to speak with one of our qualified staff.
