If you are looking to purchase a home in the near future, there is a one-in-five likelihood that you may purchase one within a homeowners association. A homeowners association has its pros and its cons, its purposes and its problems. Below we will take a brief look at what it is all about.
Purpose of a Homeowners Association (HOA)
A homeowners association (HOA) is a group of people made up entirely of the homeowners within that real estate. The types of real estate can be subdivisions, condominiums, and planned communities. An HOA is an organized way of making corporate decisions on how to regulate, maintain, and improve the property as a whole.
How an HOA Works
When someone purchases a home within an HOA community, he or she automatically becomes one of the members of that homeowners association. This means that a new homeowner will have a say in what is best for the whole community and the ability to elect members to the board of the HOA. The board will set up regular meetings to discuss necessary improvements and issues for the community. Meanwhile, all homeowners must subscribe to the regulations on what they can do with their property as well as pay the regular HOA fee to support the upkeep of communal areas.
Pros and Cons of an HOA
An HOA is one of the best ways to keep an orderly, well-functioning community going. However, it also is not perfect and even has the potential for headline-worthy disputes between homeowners.
On the downside, HOA rules can be fairly strict and possibly arbitrary. For homeowners who want to customize their homes to fit their artistic or innovative sensibilities, this could be a significant problem. Rules can be as precise as what color you are allowed to paint your siding, whether or not you can add solar panels, and whether you can park an RV outside your home. In some cases, the HOA will want to help the community keep a unified look. If you are looking into a property under an HOA, you’ll want to review their regulations so you know what to expect. (These regulations are called the CC&R, the Covenants, Conditions, and Restrictions.) Another downside is the HOA fee. The fee may be pricier than you’d want to pay.
On the positive side, however, an HOA can make communal life a lot easier and cleaner. They can provide landscaping, amenities like a gym and swimming pool, and services like snow removal. HOAs help keep the value of their properties. Plus, the community governs itself.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, and Pinterest.