If you’re currently house hunting, you may have come across several potentials in an HOA neighborhood. When considering buying a home, knowing what your responsibility is within the neighborhood homeowner association is a good thing to get familiar with. Here are some of the pros and cons of living in a neighborhood with an HOA.

Pros

HOAs can sometimes get a bad rap, but they do have some benefits too. According to Cherry Creek Mortgage , the main purpose of an HOA is to keep the neighborhood looking nice, and consequently, keep property values competitive. This is primarily achieved through enforcing standards of appearance on the homes’ exteriors. HOAs also help pay for and maintain any community property within the neighborhood, such as local parks, playgrounds, or greenspaces. HOAs can also help in mediating disputes between neighbors, such as where allotted property lines fall or the appearance of each house.

Cons

There are also many cons to living in a neighborhood with an HOA. HOAs do keep the neighborhood looking nice, but at a price. There’s usually not much room for individuality within the neighborhood as far as the way each home looks. And if a homeowner does want to make a large change to the home’s exterior, it usually needs to be approved beforehand by said HOA. According to American Roofing , your HOA may not let you replace your roof with one that doesn’t look like others in the neighborhood. 

Almost all homeowner’s associations will require that members of the neighborhood pay membership dues to the organization. And while these fees will be significantly less than your mortgage, it’s still a costly extra chunk that you’re responsible for. 

It’s Up to You

It’s ultimately up to you, of course, whether you choose to live in an HOA or not. According to Ramsey Solutions , there are a lot of advantages to being in a neighborhood that enforces home appearance standards. You won’t have to worry about the potential devaluation of your property just because your neighbor’s house may not be in as good of condition. And if your neighborhood boasts a playground or other community spaces (also increasing property values) then you can be sure that someone will be maintaining them.

On the other hand, if you’re more of the DIY type when it comes to working on things on and around the house, it may get tiring and annoying having to seek approval for any exterior projects you’d like to do. Only you can decide which one is the best fit for you.

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