What is an HOA?
Picture this: a lush, finely coiffed, emerald green front lawn complete with blooming flowers and birds chirping in the background.
While this picturesque scene is the essence of serene, it also doesn’t come easy. You might take pride in your home, but your neighbors’ vision of beauty might be something completely different. Instead of trimmed greenery, they might opt for more of a free-flowing look. Instead of blissful, colorful rows of flowers, they might instead have an extensive collection of statues and fountains. Instead of a fresh coat of paint, they might be going for more of an all-natural look. There’s nothing wrong with these preferences, but most prefer to have a cleaner, uniform look across the homes in their neighborhood when you live in certain places. That’s where an HOA comes in.
A homeowners association is an organization that makes and enforces rules and regulations related to your home and neighborhood appearance. When you buy a property within an HOA, you agree to these rules and regulations and are required to follow them for the duration of your time in your unit/condo/single-family home.
There are many pros and cons to HOAs, but there is also confusion and what it is and how it works. Here’s a breakdown of what an HOA is and how it will affect you in your home buying process:
Having a well-oiled HOA is a good thing – your property value can increase, and neighborhood upkeep will be enforced. However, having a bad HOA will be stressful and potentially more money out of your pocket. A reasonable HOA is manageable and adds to your community’s overall experience; a bad HOA will give you nightmares.
HOAs also charge fees to pay for shared amenities such as security, pool cleaning, trash, gyms, landscaping, and more. The more opportunities the HOA offers, the more money you will be charged towards these services.
When shopping for the perfect home, it is essential to ask about HOAs and if this is something that comes with the territory. Most find it helpful, fulfilling, and even fun to participate in the HOA aspect of their community. Others see it as stressful and an unnecessary cost.
If you’re ready to buy a home and not quite sure whether an HOA is right for you, give BSR Realty Group a call today. We’ll help you with everything you need to make sure the home of your dreams is just right for you!
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