Homeowners Associations, otherwise known as HOAs, have different meanings for others. Some HOAs give homeowners the ability to live in orderly, well-take-care-of neighborhoods, while others can be extremely intrusive, keeping owners from managing their properties the way they want to.
If you’re considering selling your home and moving to an HOA, here are the pros and cons:
The Pros of Living In An HOA
Well Taken Care Of
Most of the time, an HOA will have community appearance rules. The lawns must be mowed, facades must be well-kept, and the streets must be kept free from waste or overgrown foliage. In many ways, homeowners associations can be homeowner’s paradise. It is also worth noting that many HOAs take care of cutting the grass, shoveling snow, weeding flowerbeds, or other mundane chores.
Plenty of Activities
Lost of HOAs have recreational activities, such as tennis courts, swimming pools, community centers, playgrounds, or golf courses. You might even find an HOA that sponsors sports or activities for children, such as holiday parties or team sports.
Mediation
If you like to avoid conflicts, you’ll be happy knowing that most HOAs can bail you out of disputes within the neighborhood. If your neighbors have noisy parties or barking dogs, you can file a complaint with the HOA instead of confronting your neighbor.
The Cons of Living in the HOA
Added Fees
Of course, all of the cool amenities that you get through the HOA aren’t free. You’ll have to pay monthly dues on top of your mortgage, so it’s important to factor these in on top of your regular living costs. It is also worth noting that the HOA has the authority to foreclose on your house if your fall behind on your payments.
Cookie Cutter Designs
If you’re looking for a unique home, the HOA might not be for you. Typically, HOA rules stop homeowners from painting their homes, putting in new plants, or putting up decorations.
Someone is Always Watching
While the good side of this is that the HOA can always help you with a pesky neighbor problem, remember that someone might see you as the pesky neighbor. You don’t want to be lectured for playing your music a bit too loud or washing your car parked out on the street.
Final Thoughts
An HOA might work really well for you. Of course, you might choose to find a community that is a bit more independent. Whatever the case, the first thing that you need to do before finding your new neighborhood is find the best way to sell your current home. There are many options, including selling traditionally with a real estate agent, selling for sale by owner (FSBO), or selling off-market to a company like TruBuyers.
Get in contact with Tru Buyers today to see how we can help you sell your home quickly for fair market value. You’ll never deal with closing costs or other hidden fees. We look forward to helping you take the next steps in life.
