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3 Things To Consider About HOAs
February 1, 2018
Purchasing a condo, townhouse, or home in a planned community tends to require that you join a homeowner's association (HOA). HOA's are great in a sense that they usually keep up the grounds in the community, some have amenities (like pools and parks), and tend to uphold your neighbors to a certain standard of presence. While the idea of an HOA is great in itself, it is not always the best solution. Here are a few things to consider so you can make an informed decision.
Every HOA has its' own unique rules: With this in mind, have your agent find, read, and relay all rules to you before you make a purchasing decision. Very tight restrictions could result in a lot of headache down the road, so this is something to heavily consider.
Make sure the home you are considering is in compliance with the HOA: Nothing is worse than surprises. To avoid the surprise of additional, unexpected investments in the home, have your agent ensure that the home is already in compliance with the HOA. If not, this can be a point of negotiation for you in the buying process.
The HOA can increase fees: The fee you are paying when you first move into the house will most likely not be the same after a few years. This can make an already tight budget even tighter and more stress inducing if not expected and planned for by the homeowner.
There are probably a million things running through your head at this point, and I'm quite sure you have additional questions about HOA's. This is exactly the reason that you should have a real estate professional by your side throughout the process. If I can be of any assistance to you, answer any questions, or add value to you in any way, please let me know.
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