HOAs: Yea Or Nay?
- 4 years ago
Despite the pandemic and massive unemployment numbers, the US housing market is still booming.
If you're in the market for a new home, one thing to consider is whether you want one that's part of a homeowners' association, or HOA.
According to Business Insider, an HOA is an organization made up of nearby homeowners. It's designed to make sure your neighborhood keeps its value.
Living in an HOA neighborhood can be a mixed bag. First, it's not free. You'll have to pay dues, and you can be fined if you're late, or don't pay at all.
Likewise, you're not in charge of how much the fees will be, or what they will cover. Read the CC&R carefully before making an offer.
Finally, HOAs can feature numerous restrictions on how you live in your home, which you will have to follow. Violations can range from fees to lawsuits.
From parking rules, to holiday decorations, to paint colors, to numbers of visitors, think carefully about whether you want an HOA in your life.
If you're in the market for a new home, one thing to consider is whether you want one that's part of a homeowners' association, or HOA.
According to Business Insider, an HOA is an organization made up of nearby homeowners. It's designed to make sure your neighborhood keeps its value.
Living in an HOA neighborhood can be a mixed bag. First, it's not free. You'll have to pay dues, and you can be fined if you're late, or don't pay at all.
Likewise, you're not in charge of how much the fees will be, or what they will cover. Read the CC&R carefully before making an offer.
Finally, HOAs can feature numerous restrictions on how you live in your home, which you will have to follow. Violations can range from fees to lawsuits.
From parking rules, to holiday decorations, to paint colors, to numbers of visitors, think carefully about whether you want an HOA in your life.