If you are buying a home in a community with a homeowner’s association, you must understand how these organisations function.
What is a homeowner’s association?
A homeowner’s association (HOA) is a board of directors responsible for rules and regulations in the community. These directors are residents of the community and get elected by fellow residents. These organisations exist in single-family home communities and townhouse communities. They set rules to help maintain decorum in the community and avoid clashes between residents.
This blog post of Subha Builders highlights the various advantages and disadvantages of residing in a community with an HOA:
Pros of HOAs
- HOA helps keep the community safe. They ensure the security systems are in place and constantly monitor the performance of the ground staff. They strive to keep the community clean and safe for everyone.
- Resolve issues between residents. The HOA may intervene in disputes between residents and offer an unbiased resolution. Since they work for the betterment of the community, they ensure that each resident feels welcomed and happy.
- Modern features that allow for a comfortable life (he is up-to-date in his habits)
Cons of HOAs
- HOA services come at a fee. Every homeowner pays a predetermined monthly fee to ensure the HOA has the necessary funds to perform its duties. Homeowners pay this as a maintenance fee depending on the size of their apartment or as an additional rate.
- Abiding rules. Depending on the HOA, homeowners may have to follow several rules that may sometimes hinder their convenience.
- Paying fines. The HOA may levy fines on homeowners who do not comply with the rules set by the association. These are non-negotiable fees charged for anything from loud music at night to the destruction of property.
Being a part of a community with an HOA reduces the burden of maintenance and eases living. At the same time, it comes with its own sets of cons which are seemingly easy to comply with but may sometimes be too stringent depending on the HOA.