An HOA is a Home Owners Association which enforces the covenants and restrictions set by an addition. Furthermore, properties with HOAs also have access to additional benefits from lawn care to access to specific areas. Even though an HOA may sound like a great idea, here are a few questions to ask yourself when considering purchasing a home with an HOA:
- Can you afford it? There are a huge range of monthly, quarterly or yearly HOA fees. Some HOAs have small yearly fees that can seem inconsequential. While other HOAs that boost more amenities typically have larger monthly or quarterly fees. Before jumping into an HOA really think about what you can afford on top of your mortgage and property taxes.
- What amenities do you want? You may be able to afford an HOA but what amenities are important to you? Do you want access to tennis courts and golf courses? Or are you more interested in an HOA that provides yard maintenance and snow removal. Sit down and really think about what amenities are important to you. Then find an HOA that provides those amenities.
- Are you a rule follower? Do you enjoy following rules? Are you okay with having certain aspects of your home monitored and limited like the home color, yard care, etc. Or do you enjoy living a little more wildly. For example, maybe you can’t part with your 10 garden gnomes that may be against the rules in certain HOAs. No matter what the case you really need to think about what restriction you are happy to abide by.
Overall, whether you decide to opt for a home in an HOA or not, it is important to really think about the questions listed above and how being in an HOA would affect your life.