Living in an HOA Neighborhood - Is it Right For You?
For most people, owning your first home is a big step. A rental situation won't prepare you for a lot of things you now have to concern yourself with. Often included in the price of rent, owning a home means paying for a lot more utilities like trash and water out of pocket. Most homes have yards which require maintenance, in addition.
A happy medium for most people is choosing to purchase a condominium or a townhome. Both options tend to be cheaper than purchasing a stand-alone home. There are also often amenities included in a Home Owner's Association (HOA) neighborhood for you to take advantage of. Many of these neighborhoods boast pools, club houses that you can reserve for large gatherings and workout areas. And you definitely won't have to worry about lawn maintenance, since that's usually covered by the HOA, as well.
There are some restrictions of which you should be aware before your purchase, however. Home owners in an HOA neighborhood are bound by the HOA agreement they must sign at the time of purchasing the property. Most HOAs require a monthly payment on top of your mortgage payment. These fees often go to cover outside maintenance of building structures, as well as yard work expenses. HOAs also might restrict the number of pets you are allowed to own and even require them to be under a certain weight when it comes to dogs.
Privacy issues might also be a concern in HOA neighborhoods. Your neighbors will be located a lot closer to you than they would if you owned your own stand-alone home, for example. Nosy neighbors are not uncommon in these types of living situations. You might feel the property unequivocally belongs to you, but if you violate any of the HOA rules, some neighbors might be quick to report you. You might find this an irksome issue of living in an HOA neighborhood, if you're a new homeowner.
Choosing to live in an HOA neighborhood consequently has its advantages and disadvantages. It can often be cheaper and more convenient than purchasing a traditional, single-family house, especially when it comes to outdoor maintenance. The downsides with additional monthly HOA fees and the potential for snooping neighbors may end up outweighing the benefits, however, depending on your own personal preferences.
A happy medium for most people is choosing to purchase a condominium or a townhome. Both options tend to be cheaper than purchasing a stand-alone home. There are also often amenities included in a Home Owner's Association (HOA) neighborhood for you to take advantage of. Many of these neighborhoods boast pools, club houses that you can reserve for large gatherings and workout areas. And you definitely won't have to worry about lawn maintenance, since that's usually covered by the HOA, as well.
There are some restrictions of which you should be aware before your purchase, however. Home owners in an HOA neighborhood are bound by the HOA agreement they must sign at the time of purchasing the property. Most HOAs require a monthly payment on top of your mortgage payment. These fees often go to cover outside maintenance of building structures, as well as yard work expenses. HOAs also might restrict the number of pets you are allowed to own and even require them to be under a certain weight when it comes to dogs.
Privacy issues might also be a concern in HOA neighborhoods. Your neighbors will be located a lot closer to you than they would if you owned your own stand-alone home, for example. Nosy neighbors are not uncommon in these types of living situations. You might feel the property unequivocally belongs to you, but if you violate any of the HOA rules, some neighbors might be quick to report you. You might find this an irksome issue of living in an HOA neighborhood, if you're a new homeowner.
Choosing to live in an HOA neighborhood consequently has its advantages and disadvantages. It can often be cheaper and more convenient than purchasing a traditional, single-family house, especially when it comes to outdoor maintenance. The downsides with additional monthly HOA fees and the potential for snooping neighbors may end up outweighing the benefits, however, depending on your own personal preferences.
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