What is a Homeowners Association – What are the benefits?

HOA stands for Homeowners Association.

An HOA is a non-profit organization made up of volunteers and a governing body that makes and enforces rules for a subdivision of homes, condominium complex, or planned unit development.

The HOA  strives to protect and improve property values for those living in the community. They do this by enforcing restrictions on what homeowners can and cannot do and guaranteeing the maintenance and upkeep of common areas.

HOA Fees-A homeowners association fee is money typically paid monthly by homeowners living within the HOA community to help maintain all properties, amenities and common areas within the association.

Pros and cons of HOA life 

Some homeowners love living in an HOA community. Others may find the rules to be too restrictive and cumbersome. Here’s a list of pros and cons to help you decide.

Pros

• Helps  maintain property values in your neighborhood.
• Community common areas will be neat and well-maintained, with minimal effort on your end.
• The Architectural Control Committee (ACC) reviews each submittal to ensure consistency and continuity with original community design standards.
• Each resident who owns a home in the community is held to the same set of standards for the upkeep of their home’s exterior, lawn mowing, snow removal, parking restrictions as well as rental guidelines, etc.
• Lots of HOA communities offer amenities like a swimming pool, playground, clubhouse, gym etc.
• You may also have opportunities to meet and socialize with your neighbors through HOA-sponsored events like , movie night, dessert with Santa, Easter Egg hunt etc.

Cons

• HOAs typically have a lot of power over how you can maintain and live in your home. You might be limited to certain design schemes or paint colors, or even the number of and type of pets you are permitted to have.
• HOA fees can stretch your monthly housing budget, especially if home prices are already steep in your area.
• Defaulting on HOA Fees has repercussions.
• When you live in a community governed by a HOA, you’ll have to follow its rules, even if you think they’re ridiculous.
• Some HOAs can be aggressive about sending violation notices for the slightest infractions.

Click on the video below to learn more about HOA’s   “  Homeowners Association-what buyers need to know ”

For more a personal consultation for your Real Estate needs,

Contact Realtor Bela Vora
Cell : 484 947 3127
Office: 610 363 6006
Email: bela@belavora.com

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