You are spending a lot of money on maintaining the curb appeal of your home, landscaped yards, beautiful flowers and freshly cut trees, you look around and most of your neighbors do the same with their homes. 

Most of them make sure that their house paint is not chipped, no trash and old things laying around the front yard, but there is this one neighbor that does not care. Trash, lots of weeds and the lawn is almost three feet high. 

Because of that one house your neighborhood’s look is not the one you desire, you do not want your house to look cheap because of that one neighbor that does not make an effort to maintain the curb appeal.

This is the reason why HOAs (Homeowners Associations) were invented in the first place. 

HOAs exist to protect you from that one careless neighbor, and the possibility of bringing down your home value. 

But what exactly is HOA?

HOA is an enterprise that makes and enforces policies for multiple unit homes such as condominiums and townhouses and some communities of single family homes. If you purchase a property with an HOA, you become a member by default. As a member you will have to abide by the policies and guidelines and to pay fees, referred to as HOA fees

An HOA will generally have its policies in a report known as a Declaration of Covenants, Conditions and restrictions (CC&R). HOA fees vary depending on the community. 

The benefits of being a member of a homeowners association is that the value of your home can possibly increase. Research shows that the value of your property can increase by 4.2%. That is a lot!

Keep in mind that the more stuff your homeowners association provides the more you have to pay. There are shared expenses such as security, landscaping, general maintenance, etc.

Keep in mind that the more stuff your homeowners association provides the more you have to pay. There are shared expenses such as security, landscaping, general maintenance, etc.

Buying a property with mandatory HOA is definitely something to consider, but keep in mind that the same way it comes with benefits, it also comes with expenses. 

If you have an eye on a property in a community with HOA, make sure to get all the information about their fees and how often the rates go up, so you can budget the costs with the monthly mortgage payments.

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Author Rustom Marciano

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