November 6, 2020
Having a homeowner’s association (HOA) can be both a blessing and a curse. While there are plenty of pros–such as increased home value and more activities, there are also plenty of cons too–such as expensive dues and difficult guidelines. Here is what you need to know about HOAs so that you know exactly how the association will affect you and your home.
A surprising amount of homeowners and prospective buyers don’t know the purpose of a homeowner’s association (HOA). HOAs are organizations which govern how homeowners in a neighborhood can handle their properties. HOAs can manage everything from which colors homes can be painted to settling disputes between neighbors. HOAs come with a range of pros and cons, and it can be difficult to figure out what the benefits of the association are. Here is what you can expect from your HOA–both the good and the bad.
Although you’ve undoubtedly heard of people complaining about HOAs, they actually do provide homeowners with strong benefits. Homes in neighborhoods with an HOA typically have higher home values than homes in neighborhoods without an HOA. HOAs provide neighborhoods with more amenities, such as pools and clubhouses. And HOAs can help you resolve conflicts with neighbors that otherwise might fester and become combative on their own. HOAs are something like a meditator and a governor–they determine the neighborhood rules and make sure that everyone is following them.
Here are the cons. You have probably heard some of these before. HOAs can be expensive, as they charge monthly dues. What makes a lot of homeowners upset is that the HOA dues can increase year over year, so it can feel more expensive to live in the same house. The rules that HOAs establish can be difficult to follow, or they might not make sense to homeowners. It can be frustrating to learn that you can’t put your trash can outside within view of other homes, for example. Perhaps the most upsetting is that if you don’t follow the rules, HOAs can legally put a lien on your property or, in the most egregious cases, foreclose on your property. HOAs can be tremendously powerful organizations.
Is An HOA Right For You?
If you are willing to follow the rules, even if you don’t agree with all of them, then you may be a fit for an HOA. Especially if you are primarily worried about your property’s value and appreciation over time. If you are more of a free spirit and don’t want to be told how to manage your own property, then you may not want to work within the confines of an HOA. It is important to know a property’s HOA situation before you buy.
If you don’t want to deal with your HOA or if you need to sell, you have options. You don’t have to get into a back and forth with your HOA–give 4 Brothers Buy Houses a call. We’d be honored to work with you so that you can get the value out of your property that you deserve. We’ll provide you with a free, no obligation quote, and you can decide to sell on a timeline that works for you and your family. We can go to closing in just a few short weeks. Give us a call when you’re ready to get started.