Should You Buy a Home in a Homeowners Association?

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Should You Buy a Home in a Homeowners Association_Chispa Magazine
When you’re looking at buying a new home, one of the options you have is to buy into a homeowners association (HOA). About 20-30 percent of buyers choose to do this, according to Zillow, but are they making the right choice? It can be difficult to decide whether buying a home in an HOA is worth it because you need to weigh up the pros and cons. Are the fees appropriate for what you receive in return? You might decide that there are excellent benefits to purchasing a house in an HOA, but equally you may make the decision that it’s not for you. Have a look at some of these benefits and downfalls to help you make up your mind.

Pro: Amenities and Services
The best thing about living somewhere managed by a homeowners association board is the services available to you. You get amenities and facilities that you can use, without the work or stress of caring for them. Your board or a third party such as Cedar HOA management will take care of everything. You can enjoy a swimming pool, a walking trail or a relaxing garden, and you don’t have to take care of the maintenance. There can be all kinds of facilities to use, from sports courts to clubhouses. There might also be personal services for you, such as someone to mow your lawn or clean your windows.

Con: Costs
The downside is that all these benefits come at a cost. You need to factor in the HOA fees you need to pay when you buy your home. It could be that your mortgage payments and the fees on top might be too much for you to keep up with. You may have to make choices between something else you want to spend money on, such as a vacation or new car, and keeping up with the dues on your property.

Pro: Sense of Community
Another great thing about a homeowners association is that it can foster a great sense of community. There are spaces for you to socialize with your neighbors, and often there are plenty of events to attend. The neighborhood can join to have meetings, throw parties and fundraise for charity. Children can play together and make friends, or retirees can stay social as they get older.

Con: Restrictions
When you sign the agreement for your HOA, you have to agree to some restrictions placed on the homes in the community. You might have friendly neighbors, but it could be at the price of not being able to do what you want with your house. The agreement might say that you can’t choose to hang a sign, change your windows or make noise above a certain level. However, on the other side, you know that issues with neighbors will be resolved without your involvement.

Buying a home in a homeowners association isn’t for everyone, but many buyers decide that it’s worth it. You may decide that you’re willing to sacrifice control in some areas for benefits in others.

Photo by Alicja Colon

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Milo Senalle

Milo Senalle

Managing Editor at Chispa Magazine
As one of the managing editors of Chispa Magazine, Milo Senalle is the go-to man for all things technology, ethical, and financial concerns. Providing laughs with his style of writing and problem-solving techniques, Milo is a voice of reason among the girly staff at Chispa. Married with children, living in Atlanta, he works 24/7 on becoming a man of courage and believes honor begins at home.

Milo Senalle

As one of the managing editors of Chispa Magazine, Milo Senalle is the go-to man for all things technology, ethical, and financial concerns. Providing laughs with his style of writing and problem-solving techniques, Milo is a voice of reason among the girly staff at Chispa. Married with children, living in Atlanta, he works 24/7 on becoming a man of courage and believes honor begins at home.