Are you looking to buy a home or condo in a community with a homeowner’s association? When we’re showing houses, we’re frequently asked about the pros and cons of living in an HOA community. Today we’ll go over the four main things to look into when you’re considering a home in an HOA neighborhood.
1. Rules and regulations. This is the most essential point in this list. These can be anything from what kind of pets you can own, the rental restrictions, what colors you can paint your house, and so on. This is the first thing to consider when buying in an HOA community.
2. Financial security. This one is commonly overlooked. Even though you may love a community, take a look at the HOA’s financial stability to make sure that if an unanticipated issue that the HOA is responsible for arises, they have the capability to handle it. Otherwise, you’ll be paying for it.
3. What’s included. There are all types of complexes out there, and they all have a unique set of rules. Things like water, sewage, and trash could be included in the HOA, but sometimes they aren’t. Do they take care of the front yard, roof, and common area maintenance?
4. Fees. Is this a community in which the fees continually go up year after year? Do they have large expenses coming up that you may have to help pay? HOA documents give you all the information discussed in previous meetings and what will come up in the next ones.
These are the top four things to look into if you’re considering moving into an HOA neighborhood or community. If we can be of help to you in navigating the world of HOAs, or if you have any other questions, please give us a call or send us an email. We would love to help you.