If you’ve been on the market for a house within the last fifty years, you’ve probably seen at least a few homes with HOA feels and a quick explanation of the rules for the area. Many people are on the fence about whether or not this is a good option for them, so this is a pro and con list to help you pick!
Pro: Your Property Value is Protected
The best part of an HOA is that your property value is protected! HOAs improve the value of the area by ensuring homes are well maintained, the streets are cleaned, local gathering areas are safe and clear of littering or trash, and the neighborhood has a uniform feeling.
This means that when you’re ready to sell your home, you’ll be able to depend on your home’s value going up.
Con: You Have to Have Exterior Changes Approved
If you have a specific image in mind for your home, you’ll dislike having an HOA. Most homeowners’ associations have a set list of colors, styles, and items you can have on the exterior of your home, and some even have rules about the curtains that are visible from the street.
This means that you have to deal with getting the HOA to approve anything from changing your siding color to updating the paint on your porch so that they don’t decide you’re hurting the neighborhood’s value.
Pro: Fewer Options to Get Stuck Deciding Between
Decision fatigue can be a real issue for homeowners since it means that you’ve run out of energy having to make dozens of tiny decisions. Eventually, this can leave you frustrated and just ready to be done. With an HOA, there are fewer options to pick from and fewer choices that will suit your home. Instead of having to worry about having to pick a door knob color or a style of sidewalk stone, you can check what options are available to you.
Con: Monthly or Yearly Membership Costs
No HOA is entirely free. Depending on where your property is, your HOA fees will vary from $40 a year to hundreds of dollars a month. It’s vital that you get to know this before you purchase property since it might change whether or not you can afford the home.
Pro: Gives You a Chance to Meet Neighbors
The best part of an HOA and an awesome reason to stop asking ‘what is my home worth‘ and start asking ‘why do I want to live there,’ is that most HOAs offer monthly gatherings. These neighborhood meetings, where people can air any grievances and talk about anything going on in the neighborhood. This gives you a chance to talk to others that live around you and help you feel safer living in this community.
There’s No 100% Perfect Neighborhood.
Whether you’re planning on buying a home soon, or you’ve bought one, and you’re not sure you made the right choice with an HOA, it’s a good idea to get to know more about these associations. Although they can be controlling, they do have their uses.