Friday Facts: The Pros and Cons of Homeowners’ Associations

FRIDAY FACTS 195
November 6, 2015

 

PROS AND CONS OF HOMEOWNERS’ ASSOCIATIONS
From an article by John Egan in RIS Media

 

59% of newly constructed homes in 2014 were part of a homeowners association. That’s up from 46% in 2009.

PROS

  • Your neighborhood will look good because there are usually guidelines about keeping lawns manicured, exterior paint colors and restrictions on parking boats and other large vehicles.
  • Often there are community amenities such as a pool or children’s play areas.
  • Maintenance costs are shared for the community spaces.
  • The HOA board can serve as a built-in mediator for neighborhood disputes.
  • You can get to know your neighbors if you are active in the association.

CONS

  • You have to add monthly HOA dues to your budget.
  • Changes to the property such as the addition of an enclosed patio must usually be approved by the HOA’s board.
  • You might be hampered by an HOA’s financial woes. It could harm your ability to obtain a home loan and could hurt sale prices of homes in the community.
  • You have to follow the association rules although you do have the option of petitioning the association to change any rule you don’t agree with.
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