To HOA or not to HOA - that is the question.

Is an HOA worth it? What does it cover? Do I have to pay?

These are commonly asked questions when searching for a home. Depending on the cost and your lifestyle, each situation is different. Deciding factors could be: How bad do you want the house? Does it have other qualifying attributes that you love? What are you getting for your dollar? What restrictions are there?

What is an HOA? Home Owners Association. Its primary purpose is to manage and regulate common areas such as parks, exterior items, roads, pools, and yard work. HOAs can be as little as 100 a year up to 10,000 a year, depending on the amenities and neighborhood.

Pros

• Appearances. Especially for retired, physically challenged, or very busy professionals, this could be a blessing. Not having to worry about yard work, exterior work, and the prevention of property and neighborhood neglect. It keeps the whole neighborhood on one accord. In my opinion, communities with HOAs usually look better than ones without because of uniformity and standards.
• Fewer responsibilities. Say, for instance, snow removal, tree trimming, replacement of exterior items, painting. Some times they will even cover things inside your home. HOAs can save you money that you would usually have to pay or perform yourself.
• Amenities. Access to pools, tennis courts, fitness centers, clubhouses, etc. would usually cost you a lot more for each access. Having all these at your will is a blessing and convenience.

Cons

• The Cost. Sometimes HOAs can be very costly. It can also be a deal-breaker if it carries you over your set budget.
• Restrictions. Updates to exterior items like patio have to be approved. You also lose a lot of your freedom. Even if the rules seem asinine to you, they still have to be followed.
• Board members. Sometimes you will have board members that may have a personal issue with you, or it has gotten to their head, and they think they can do whatever they want. They can make your home experience very difficult. They can make changes that no one wanted.
• HOAs can foreclose on your home if you get behind on your fees.
• HOAs can add assessments on your property.
• They can also limit you from renting your place.

So, sit down and make a list of the pros and cons that suit your lifestyle and needs before you buy or rent. That decision can make life regretful or satisfying.

Call me to see homes with and without HOAs to help you make your decision.