If access to a private pool and clubhouse, or living in a community where you don't have to worry about snow or trash removal sounds appealing to you, you just might be in the market for a home that is part of a Homeowners Association (HOA).
So...what exactly does an HOA offer?
One of the main advantages of living in an HOA community is to enjoy services and amenities that enhance the quality of your life, while also taking care of some of the headaches of home ownership, particularly with respect to the exterior. Depending on the type and size of the HOA, these may include landscaping, snow removal, trash collection, pest control, pool, gym, clubhouse, playground, tennis court, golf course, and more. These amenities can also save you time and money, and increase the value of your property. Moreover, some HOAs may also offer insurance, legal assistance, dispute resolution, and social events for their members. Mah Jong Mondays anyone?
An important consideration in the purchase of an HOA-governed home is the annual fee, as well as any other additional one-off special assessments for larger scale projects the community might need, such as roof replacements. The annual fees vary depending upon the size and location of the home, but typically range from a few hundred to a few thousand dollars. These are set and non-negotiable, and are subject to increase over time due to inflation, emergency needs, and more.
Another aspect of living in an HOA community to consider is the rules and regulations that the member homeowners must abide by. Designed to maintain the uniformity, safety, and harmony of the community, these rules can also limit the freedoms and creative options for homeowners. For example, some HOAs may have strict rules about the color of your house, fence style, the number of pets, the noise level, number of parking spaces or visitors, rentals, and more. When the time comes to sell your property, you might not be allowed to display a 'For Sale' sign. If you violate any of these rules, you may face fines, warnings, or legal action from the HOA. Therefore, it's super important that you read and understand the covenants, conditions, and restrictions (CC&Rs) of any HOA before buying a home within its community.
This all said...you can have your voice heard and be involved in your HOA. The HOA is typically run by a Board of Directors, whose members are elected into their positions for a determined time frame. As a member of an HOA, you can be a part of the voting process to select the members, or even run for office yourself to join the Board.
If you are considering purchasing a home in a condo, retirement, town-home or single family HOA community, we'd be happy to help you navigate through this process and answer any questions, as well as help you review the by-laws of any HOA you are interested in.