Living Within a Homeowners Association: What Beginners Ought to Know
These days, it seems as if as a homeowner, you either love or hate living within a homeowners association, but rarely do people seem to feel indifferent about it. Living within a homeowners association can easily be seen as a burden as there it does come with an additional monthly fee. That said, while it does cost an addition amount every month, those who chose to live within a homeowners association (also known as an HOA) certainly do reap a number of benefits from all that these associations have to offer.
Recreational Opportunities
While not all Homeowners Associations offer the exact same recreational opportunities, all Homeowners associations generally do offer some sort of variety in terms of recreational opportunities for its residents. Often these amenities include, swimming pools, playing fields, community centers, tennis courts, as well as walking paths and trails.
The Overall Appearance
One of the biggest assets to living in a community that has a homeowners association is the appearance standards that your community ends up having. Because homes within an HOA are required to meet certain requirements, it is less likely that houses on your street will have unruly lawns or wild paint colors. Additionally, it is common for a homeowners association to have money in place to help repair and improve the overall appearance of the neighborhood, this might involve removing graffiti, improved landscaping for shared spaces, or trail maintenance.
Little to No Maintenance
Prior to buying a home within a homeowners association, it is imperative that you know what your monthly homeowner’s association fees are, and what exactly you get out of them. For example, depending on the HOA that you are considering purchasing a home in, you might have your snow removal, trash, and landscaping is taken care of. Monthly fees also go towards common recreational options, including tennis courts, trails, and swimming pools. Generally, common areas such as this and other shared common areas are maintained by the Home Owners Association.
While there are definite benefits to purchasing a home within a Home Owners Association, there are a few things that do cause some people to pause and at times reconsider the actual cost of the home. Unlike houses not located within a Home Owners Association, those that come with an additional monthly fee. This fee often ranges somewhere between $200 and $400 a month.
The bottom line is that buying a home within an HOA, while a great option for some, is not for everyone, and as so should be taken into consideration before making the actual purchase. Things like what the monthly fee is, and what exactly the fee covers and how that will impact your monthly budget are all serious things to consider, especially when you are planning on saving for an additional big purchase like a car, or a vacation.