A homeowner’s association (HOA) is an organization within a residential subdivision. Each homeowner follows a set of guidelines, such as paying assessments for having and maintaining common properties and what can and cannot be placed on the homeowners own property. Many homeowners wonder at some point if living in a neighborhood with an HOA is good or bad. If you’re also thinking about buying into a homeowner’s association, consider some of the pros and cons of an HOA membership.
Benefits of Joining an HOA
One of the biggest benefits of being part of a homeowner’s association is you don’t have to worry about yard maintenance. Associations typically manage all the common spaces. Landscaping will be done by the organization, as will maintenance of the community facilities, barbecue areas, playgrounds and pool. Sometimes you can design your space how you want, depending on the specified guidelines set in place under the association.
Another great benefit is that your utilities are typically included automatically in your monthly association dues. A homeowner’s association helps simplify your monthly bills, much like renting. Many people prefer this kind of setup where expenses are rolled into one payment.
Why HOA Might Not Be for You
There aren’t many cons to being a member of a homeowner’s association. However, that doesn’t mean it’s perfect for you. Sometimes the monthly fee can be very expensive. Furthermore, the monthly fee can always increase, making it challenging for those on a fixed income or with other financial challenges.
Also, residents must follow HOA rules and regulations, including yard appearance, color of your front door and so on.
Gateway Realty Is Here to Guide You
Gateway Realty understands you may have questions or concerns about a property with a homeowner’s association. Our professionals walk you through these setups, guiding you through each prospective subdivision’s HOA guidelines before making your purchasing decision. Contact us today and let us help you determine whether becoming a member of a HOA is right for you.