If you’re in the process of finding a new home, you have probably considered a few properties that are part of a homeowners association. Some of the amenities provided by HOAs can make them very appealing, but it’s important that you understand what is involved and determine whether it’s the right move for you.
PROs:
- HOAs often provide amenities in close proximity to your home such as swimming pools, fitness centers, tennis courts, etc.
- The HOA maintains common areas and keeps the neighborhood looking good, which preserves and/or increases your property level.
- Neighborhoods with an HOA can build very tight-knit communities! Activities and events bring neighbors together, which increases neighborhood pride and engagement.
CONS:
- The dues you pay for an HOA can be hefty.
- The HOA can bring legal proceedings against you if you fail to make your payments.
- You’ll need to adhere to the community guidelines, which can include what color you can paint your home, whether you can build a patio or a fence, etc.
There are many things to consider when buying a new home. Call me and we can discuss them together. I have nearly 20 years of experience and can answer all of your questions.
