When you are looking at a condominium, townhouse or single-family home, one of the questions asked is always, “Is there an HOA?”. About one in five U.S. homes belong to a homeowners association. If you decide to purchase in a neighborhood governed by an HOA, you will be required to join the community’s homeowners association and pay monthly or annual fees for the upkeep of common areas, shared structures and shared exteriors. If you are considering purchasing a property that is governed by an HOA, you should understand how these associations work before you buy. We can help you determine your responsibilities, and whether or not this a “good fit” for your family.
There are many positive reasons to join an HOA. Members generally aim to maintain a standard of appearance for the property, and the HOA provides the regulations and guidelines for the community. The HOA management services may provide amenities such as landscaping, pools and tennis courts that are available for all the HOA members. Community standards should support stable property values. There are architectural guidelines that are designed to keep a uniform appearance to the property. Many HOA’s enforce rules regarding renters. A strong homeowners association protects property values.
The negative side of belonging to an HOA includes issues such as the high cost of the association fees, which could act as a deterrent for some homeowners. HOAs have also been deemed too restrictive for some homeowners, who may want the freedom to customize their properties, add outside structures or remodel. Restrictions may include structural rules, such as the type of fences or landscape allowed, or minor selections such as the color of paint on a house.
The choice becomes a personal one, based on what your expectations and plans are for the property. At Poplar Hill Realty, we help you buy with confidence, simplicity and peace of mind, that your decisions are based on knnowing the facts and considering the best option for your family. We know from experience how to guide our clients through every phase of a real estate transaction. We understand the market and provide expertise and recommendations that lead to the best outcome. We hope you’ll let us help you write the next chapter.