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.
- 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.
- 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.