When conside
ring options for a home purchase many buyers will ask Should I buy a home in a HOA protected neighborhood? This is a great question and one future homeowners should give some serious thought to. A HOA (Homeowners Association) or covenant protected neighborhood certainly has it’s advantages and disadvantages lets take a look at some of the pros and cons.
PROS to HOA covenant protected neighborhoods.
- The covenants apply to all residents, meaning everyone has to play by the same rules.
- A HOA helps maintain the community look and feel by maintaining common areas.
- Exterior improvements/changes typically will require approval by the ACC or Architectural Control Committee so by-laws are adhered to.
- A HOA helps to maintain consistency in values in a neighborhood
- As a homeowner you have a voice and a vote to possible changes to a HOA
- As a homeowner you will have opportunity to serve on the HOA Board
- If a neighbor is not in compliance you have an advocate to look into the matter
- HOA protected neighborhoods often hold values better than non-HOA communities.
CONS to HOA covenant protected neighborhoods.
- HOA dues can be expensive and are required, they are not optional.
- If you fail to pay your HOA dues, the board and HOA can penalize you, charge
interest for uncollected dues and even attach a lien to the property. - HOA guidelines can be very stringent and specific. For example. No RV’s, no cars parked on the street, no exposed trash cans except on pick-up days. Certain color palettes for exterior paint schemes, landscape must follow certain guidelines, weeds must be maintained, no broken down cars or car repair allowed etc. Some will disallow flag poles and exterior yard art etc.
- If you do want to make changes to your home i.e adding a storage shed, extending a patio or an addition you will first need design approval from the HOA and board of directors or specific Architectural Control Committee. If you erect a non approved improvement they can legally force you to take it down.
Buyers would be wise to know what the CC&R or Covenants, Conditions and Restrictions are including all HOA by-laws before an offer is made or have the contract contingent on receiving and reviewing such documents. Not all HOA's are the same, they can vary widely so do your homework.
Homeowners that plan on having RV’s, outdoor storage or just the flexibility of doing what they want to do (legally of course) on their property should think twice about moving into a HOA protected neighborhood. On the other hand if you like a nice consistent and tidy feel to your neighborhood or you enjoy a community park, pool or other amenities then a HOA protected neighborhood may be just what you’re looking for.
Yes, I took this picture. It is real. OH MY!
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