Home Owners Association: Pros and Cons for Homebuyers – Rules, Fees and Role
House hunting? If you’re looking into buying a new home or property in a subdivision or condominium, chances are you will find yourself moving into a home with home owners association. One thing to look it up and ask your real estate agent is whether there is an Home Owners Association involved in managing the community because this will entails a series of responsibility at your end.
Home Owners Association is an organization within a community that oversees it by enforcing community rules and maintaining the common areas. These are common in planned communities and apartment buildings. This will also entail added financial responsibility by the home owner with certain dues and fees to pay for. Often times, before purchasing a unit or home, the home buyer is informed of the rules that govern the community before he/she can fully commit to buying a property there.
The Pros of having HOA
Lifestyle Amenities
Most communities with Home Owners Association will have access to recreational amenities such as swimming pools, parks, gyms and other shared facilities. These are free for use for all or limited number of household members. These charges visitors for using these amenities making it earn income for the community. Most of these amenities are community and family centered with adults and kids in mind. It encourages neighbours to commune in a safe place and offers activities for families without having to go out of the community
Common Area Management
Most communities have common areas that residents can enjoy but besides the management of the lifestyle amenities, there are some common areas that needs managing. These includes lawns, lobby and hallways that everyone uses. These areas are managed by the HOA from cleanliness to maintenance. So when you see a broken or shifted tiling on the lobby, you can be assured that HOA will fix that without added financial burden to the residents.
Utilities included in your fees
With your monthly fees, you not only can you avail and use of the lifestyle amenities but management of the basic utilities like sewer management, trash collecting, general maintenance, light and water use in common areas are covered.
Appeaser/Mediator
If you have a problem with a neighbour regarding loud noises or broken piping that leaks through your unit, you can be assured that HOA facilitate communication between both residents. There is no need for confrontation and with rules set by HOA, it’s easy to have all residents exercise courtesy and respect to their neighbours.
Cons of having HOA
Financial Obligations
If you’re planning to buy a property in a community, make sure to ask if it’s an Home Owners Association community. If it is, expect that you will have to pay monthly fees to not only enjoy the amenities but to also have everything else in the community managed and cared for.
Compliance to Rules
HOA not only manages the physical areas of the community but also manages the peace within the community. They make sure to maintain a peaceful community for the residents and make it an ideal place to live. This entails having rues and regulations set in place for all residents, staff and visitors. It can be a hassle to go through rules when you feel that you’re entitled to do what you like in a community you’re paying for but these rules ensures efficient management and peacefulness.
