Having trouble deciding whether or not to buy a home with an HOA? There are many things to consider when potentially living in a home with an HOA. HOA’s may cost a monthly fee, but they offer many services that neighborhoods without HOA’s don’t have. Well maintained neighborhood amenities are often offered in the developments such as walking trails, pools, parks, BBQ areas, and sports courts. Most HOA neighborhoods offer a very similar aesthetic, from one house to another, but the enforced rules and regulations lead to protected property values.
Even if you own a home with an HOA, you should make sure you understand all of the rules and regulations before purchasing. It’s very likely that a HOA can dictate whether or not you can rent out your home. When we hit our recession many people who were unable to sell their houses were also unable to rent their homes due to HOA standards, and if you can’t afford either you’re in for some real trouble. Another thing to look out for, although you may not agree to every rule the HOA set, if you don’t abide you are subject to penalties, fees, and possibly eviction.
If you have any more questions about HOA’s, feel free to contact us and we can give you in depth information about specific HOA’s. With twenty years of experience, CLA is here to help!