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Pros and cons of buying a home with an HOA

On Behalf of | Apr 6, 2023 | Residential Real Estate |

As a homebuyer, considering a property within a homeowners’ association (HOA) can come with both benefits and drawbacks. It’s important to balance these to determine if they’re going to work with your lifestyle and needs.

Here are some pros and cons of purchasing a home with an HOA:

Pros of having an HOA

HOAs often enforce rules and regulations that help maintain the community’s appearance, which can contribute to preserving or even increasing property values over time. Living in an HOA community can foster a sense of belonging and connectedness with your neighbors because you share common interests and goals for the neighborhood.

Living in an HOA community may grant you access to various amenities, such as swimming pools, clubhouses, playgrounds or fitness centers, which can enhance your quality of life. HOAs typically handle common area maintenance and upkeep, which can save you time and effort. In some cases, they may also take care of landscaping, snow removal or other services for individual properties.

Cons of living with an HOA

You must pay regular HOA fees. These fees can increase over time, and you may also be subject to special assessments for community improvements or unexpected expenses.

You will be subject to the association’s rules and regulations, which can be restrictive. These rules may dictate the exterior appearance of your home, limit your ability to rent out the property or impose restrictions on pet ownership, among other things.

Some buyers may be deterred by the prospect of purchasing a home within an HOA, which could limit the pool of potential buyers and affect the ease of selling your home in the future.

Ultimately, deciding whether to purchase a home in an HOA community will depend on your personal preferences, financial situation and tolerance for the trade-offs involved. Be sure you’re comfortable with the rules and regulations of the HOA if you decide to purchase the home.