HOA Communities: Pros and Cons
Are you considering purchasing a home in a community with a homeowner's association (HOA)? Make sure you understand how these organizations operate before making an offer.
An HOA is governed by a Board of Directors (homeowners elected by other residents), and it's their responsibility to set and enforce rules and maintain the grounds. These organizations are not only found in single-family home communities but in condominium and townhouse communities as well. You must also pay certain fees to live in these communities So before you start looking for a new home, you should consider whether you want to live in a neighborhood with an HOA, which comes with both pros and cons.
Pros of HOA Living
1. HOAs Resolve Disputes Between Neighbors
When problems arise, (loose pets, loud and obnoxious parties, piles of trash by the road, to name a few), a homeowner's association can help.
If you notice another resident breaking a rule or regulation, the association can act as a mediator. Rather than discussing the problem with your neighbor and causing tension in your relationship, you can contact your homeowner's association, which will contact the neighbor on your behalf.
2. HOAs Have More Social Activities
Streets with an HOA often have a stronger sense of community than your average neighborhood. This is due to the fact that having an HOA encourages a sense of community. Not only do HOA meetings will help neighbors to get to know one another, but they also give greater opportunities for social events.
It wouldn't be out of the ordinary to see block parties and social gatherings on your street from time to time. It's also easier to connect with neighbors when you start sharing amenities like a pool, tennis courts, or a golf course. If you like meeting people and socializing, an HOA could be right up your alley.
3. HOAs Maintain Property Values
In HOA communities, homes, and common areas are consistently cared for and well-maintained because residents are held accountable to deed restrictions. Property values are heavily influenced by this maintained curb appeal.
A well-kept home in a well-kept neighborhood is what attracts many home buyers to live in an HOA. You could say this is the biggest perk for most!
Cons of HOA Living
1. HOA Fees Can be Expensive
Unfortunately, many HOA communities can be expensive to join. High HOA fees, in general, entail more landscaping, general maintenance, and amenities. However, if you don't care about having a swimming pool or a gym, these high fees would be a waste of your money.
If a home has high HOA fees, make sure to get a list of everything that's included in the price so you know exactly what you're getting and if it even benefits you personally. In addition, carefully examine your monthly budget to ensure that you can manage to pay the monthly dues.
2. HOAs Have Rules and Regulations
If the monthly fees are reasonable, paying HOA fees may not seem as bothersome. You should be aware that the HOA has rules regarding the exterior of your home, even if you're fine with the fee.
Color, type, and size restrictions may apply to your front door, shutters, and windows. Associations can even restrict your outside decor and the number of vehicles you can park. A fine may be imposed if you violate the rules and regulations of the community.
3. HOAs Can Lack Privacy
It goes without saying that you will not have a lot of privacy if you live in an HOA community with homes practically touching each other, such as a townhome, apartment, or even some single-family homes.
Those who like a rural or country lifestyle and don't want to be involved with neighbors should consider homes with no HOA. The benefit of living close to your neighbors is meeting more people if you are more social and thrive in a community.
Is a Community Right for You?
Bottomline, HOAs aren't for everyone. If you want complete privacy or the ability to change the appearance of your home, you probably won't be content living in an HOA community. However, if you want a low-maintenance lifestyle, HOA living may be ideal for you. Whatever you decide, carefully consider the benefits and drawbacks of HOA living.
As a final point, don't forget the importance of working with an experienced and knowledgeable Realtor. We look forward to assisting you on your home-buying journey!
Tips for Finding the Perfect Neighborhood
So many of us have done it. You are browsing through homes for sale online and one catches your eye. You fall in love instantly and immediately begin to envision yourself there. That’s it, this house must be yours!
You arrive to view the home, only to find there are homes around you that look like they’re running a junkyard, the road isn’t as calm and tucked away as you’d like it to be, and there is a lot of through traffic that makes you uncomfortable, especially having little children.
With all of that being said, if you're thinking about buying a home, keep in mind that you're also investing in the neighborhood. You’ll never love your house and want to stay if you don’t also love your neighborhood.
That’s why we’re going to share tips and tricks on how to scope out and be your own detective when it comes to finding the perfect neighborhood for you!
Drive Around & Do Your Homework
One of the most effective ways to get a feel for what a neighborhood is really like is to go drive or walk around it at different times of the day. Take mental notes on what you see while scoping out the area!
Interaction With Neighbors
When walking or driving through a potential neighborhood, it’s important to be aware of any people that approach you and make eye contact with you, which could be a sign of a friendly community. Tools like Realtor.com also showcase which communities have good schools, and more data that reflect a great community and surrounding area.
Observing Surrounding Area
Check for any abandoned buildings or vacant lots, which could be used in the future for commercial development and could definitely impact the feeling in the neighborhood and impact the value of the surrounding properties. Look at the average property taxes for that specific area over a span of several years, and note any fluctuation. You could also dive deeper by contacting local resources like a city hall or Chamber of Commerce to find out about any future plans for the area such as building more homes (if a new development) that may change the feeling of the neighborhood, increase traffic, and in return, increase taxes.
Observe the conditions of the houses, yards, and streets. Look for any signs of vandalism or other deterrents like bars on windows. Especially if you have children, do your research on crime statistics in your neighborhood, whether it’s online (which can be limited,) or by calling the local police department. Lastly, don’t forget to observe traffic speeds too, and the noise level and traffic flow of the street.
Can it Meet Your Family’s Needs?
When searching for the perfect neighborhood, it is also vital to consider your needs and your family’s. Only you know your and your family’s needs, and you must keep in mind what makes a neighborhood special to you, and what makes it a place you would want to grow and rest in! Questions you could ask yourself are:
- Are you in pretty close proximity to grocery stores, shops, or restaurants?
- Is the commute time to your place of work reasonable? (Distance and time both matter! Try doing a test run and seeing how long it would take you at peak times.)
- Are there any nearby parks or activities for yourself and your children? (Bike paths, hiking trails, playgrounds, state of national parks.)
- If using a school, is it a reasonable distance from the home?
- Are there many trees for shade and coziness, or sidewalks for easy strolls and bike rides?
- Is it an older neighborhood with variety and character, or a newer development with a lot more homes and less space and privacy between houses?
Let’s Get Searching!
Our realtors with 316 Realty Group are focused on our client's needs and understand the concern about finding the perfect neighborhood that fits your family. With local insight and knowledge of the area, we are here for you to guide you through the process of searching and finding a home and neighborhood that checks off all of your boxes. Reach out to us today and let’s begin the search together!