An HOA applies to a set of rules & regulations meant to manage shared amenities, protect property values, and build a sense of community among residents. Let’s look at some pros and cons about living in an HOA.
Take a look at these pros & cons of an HOA:
PROS
01. You’ll likely have access to shared amenities like pools, tennis courts, or a gym – The cost for these amenities will be included in your hoa fees each month. This could save you money on gym memberships or swim/tennis clubs.
02. You may find that townhomes in an HOA are less expensive than condos – Some townhomes are fee simple ownership. That means the exterior of the home is the responsibility of the homeowner vs the HOA. Because of this, the cost for the hoa to maintain the community is less expensive.
03. An HOA usually covers exterior maintenance of the home, like lawn care & snow shoveling for townhomes or condos – This usually is not true for standalone homes in an HOA. Since the ownership stops at the door of the unit, the maintenance responsibility usually stops there as well.
CONS
01. Amenities come at a cost – You will have to pay a monthly HOA fee, & this fee varies depending on the amenities, neighborhood, & property values. If the home is in a neighborhood with a good amount of amenities, the cost will be higher for the homeowners.
02. HOAs have rules that all residents have to comply with – You may not be able to paint your home a certain color or use your home as a short-term rental. It’s always best to carefully review the HOA guidelines before purchasing a home.
03. Standalone homes in an HOA are typically closer to their neighbors – So if you want more space or are concerned about noisy neighbors, you’ll want to keep this one in mind.
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