The pros and cons debate of living in a housing development with a homeowner’s association (HOA) has been going on for decades. Ever since the first master-planned communities first started appearing in the 1960s, home buyers have had to decide if the advantages of an HOA outweighed some of the disadvantages. As with most aspects of home buying, the final answer is that it’s a personal preference, but there are some important considerations that should be discussed before buying a property with an HOA. Prospective buyers will be provided a document of CC & Rs (covenants, conditions, and restrictions) which outline the specifics and they should be carefully reviewed. HOA Benefits There are many benefits to owning a home with an HOA. The same restrictions and rules that you might find limiting also limits your neighbors. Perhaps you can’t tell the difference between one beige house color and the approved beige house color, but that same rule prevents your neighbor from painting their house purple.
HOA Drawbacks Of course, this level of management can also seem oppressive at times. Depending on the rules and regulations, residents might find their personal tastes restricted on their own property.
The presence of an HOA can make a big difference in your enjoyment of a property, both positive and negative. Before buying a home with an HOA, it’s important to review the CC & Rs to ensure you are willing and able to abide by the rules, investigate the financial records and observe the effect of the HOA on the neighborhood. Then you can determine the value to you and your family. If you are unsure if a neighborhood has an HOA, your real estate agent can help you determine this and guide you by explaining the pros and cons of that particular HOA, and also answer to critical questions as: "Do I pay tax when i sell my house?". ------------------- SetSchedule has changed the way real estate marketing is viewed, by changing the way REALTORS® access clients and listing appointments. SetSchedule is a “first of its’ kind” exclusive membership based model that provides verified appointments, marketing tools, and elite invite-only networking events for its members. By blending new technologies, and thought processes with proven success methods SetSchedule had incurred record producing results unseen in the industry.
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