After weighing options and considering your preferred lifestyle, you may find that living in an HOA (Homeowners Association) community is a good fit for you.
There are both pros and cons to the structure offered by Homeowners Associations, and taking a closer look at the rules and restrictions may provide you with a clearer understanding.
The PROs of Living in A Homeowners Association:
- Access to a multitude of amenities that are maintained by the association. These amenities may include pools, walking trails, sports courts, barbecue pits, party halls, and more. Not only will you enjoy access, but these features are also very well maintained.
- Built-in security – we do not mean in your home, but rather in your neighborhood. Most HOA communities will provide private security to ensure the safety of their residents. This means reduced crime rates and a higher pool of potential interested buyers.
- In addition to security services, HOA communities will offer other management services, including trash pickup, storm water management, and additional similar services. You will not need to hire outside contractors to handle these chores; the fees are covered in your monthly HOA payment.
- Homes in HOA communities are generally more aesthetically pleasing compared to those in other neighborhoods. Due to the restrictions, the HOA places on its residents concerning the quality of their homes, the neighborhoods are manicured and paved with smooth roads. This effort is maintained by both the residents and the HOA.
- HOAs foster a sense of interconnectivity and comradery in the neighborhood. Living in an HOA community brings residents closer. The HOA will often host events during which residents come together and mingle – bringing back the old sense of what a neighborhood should be.
- When there is conflict in the neighborhood, the board of directors is available to assist. Often times, the association will offer meditation to assist in resolving neighbor disputes, include but not limited to complaints about noisy pets, unkempt yards, and much more.
- Higher home value – although you pay monthly fees, the market value for your home will be higher due to all of the benefits listed above.
The CONs of Living in a Homeowners Association:
- Higher cost of living: Each month, you will be expected to pay HOA fees. These fees can vary depending on the community that you live in.
- Restrictions: Your HOA may enforce rules in the community that differ from those in neighborhoods outside of an HOA. However, these rules generally help with the sense of community and improve the neighborhood’s security. They also apply to the aesthetics of your home. Most HOA communities place restrictions on the colors that you may paint your house, requiring prior authorization before making any drastic changes. They may also require that you keep your lawn and exterior of your home manicured.
- Potential for poor management and poor representation. When you move into an HOA community, you may notice that either the board is too controlling or that they do not enforce the rules. Either of these scenarios can be disruptive to your daily living.
As you can see, there are both positives and negatives to living in an HOA community. If you are uncertain of whether to consider living in one of these unique neighborhoods, try asking yourself a couple of questions: What are the restrictions in the association? What is the association going to do for me? What is my commitment and responsibility to the association? Answering the questions in detail can help you find insight on whether a given association is a good fit for you.
Are You Interested in Selling Your HOA Home?
Due to the restrictions of living in the area, the buying pool is sometimes limited. The potential new owners of your new home will be seeking something similar to what you already had – structure, rules, and a sense of community. Therefore, marketing and selling can be slightly more challenging. However, if you would like to sell and avoid all aspects of selling your home on the open market, we can provide you with a simple solution.
We purchase homes located in associations and homes that come with HOA fees. We understand both the benefits and disadvantages of living in an HOA community and want to provide you with a simple way out if you feel it is time to move. If you would like to sell your home quickly and for all cash, just contact us today to get started with an evaluation.