HOAs: What to know before purchasing your home
Thinking of purchasing a home? Before you do, consider if the home is in community with a homeowners association (HOA). HOAs have their own rules and regulations you may need to be aware of. Here is a basic guide to HOAs and some of their pros and cons.
What is an HOA?
An HOA is made to govern certain neighborhoods to benefit the community. The organization is typically made up of community members. If your home is in an HOA, you’ll need to abide by the regulations set in place by your HOA. This often includes paying monthly or quarterly fees.
HOA fees
Homeowners associations ask for property owners within the neighborhood to pay fees. Funding is put towards community gardening. It may also be put towards neighborhood trash removal. If your community has a pool or resident center, fees may also go towards the upkeep of these facilities.
Pros and cons of having an HOA
Paying extra fees may seem troublesome. Here are some pros and cons to help you decide if having an HOA is worth it:
Pros
- An HOA board can act as a neutral party to oversell minor neighborly disputes. This can include yard sign placement, grass cutting, etc.
- You may get access to fun amenities in the neighborhood.
- Your overall community is kept neat and clean.
Cons
- The HOA rules may be strict about what you can place in your yard and exterior decor.
- Additional fees to account for.
- Board members may favor one neighbor over the other.
Before you become a property owner, it’s always good to do research on the neighborhood you’re interested in. Speak with your real estate agent to learn more about the community.
About the Author
Cheryl Pendenza - Realtor®/Broker Associate
Bringing more than 30 years of experience to the table, Cheryl has a paralegal degree, banking background, and is a member of many professional, civic, and community organizations.
Qualified • Experienced • Skilled
"As a full-time REALTOR®, I am dedicated to providing my clients with a high level of service by building relationships, marketing, and negotiating on their behalf. As a homeowner, I realize how important homeownership is.
Cheryl brings warmth and compassion to her client relationships and referrals have become the backbone of her business. "I’m grateful for every referral and welcome the opportunity to help clients achieve their real estate goals.”
Cheryl Pendenza, Broker Associate affiliated with RE/MAX Andrew Realty Services since 1999 is a local businesswoman and formidable negotiator who can help you achieve your real estate goals. Supporting family, community and local business is important to Cheryl and she can often be found at one of the local restaurants, shops, or galleries.
