Homeowner Associations. I always hear good things as well as bad things about these two words. Before signing on the dotted line for a home with an Homeowner Association (HOA) here’s my breakdown of these associations.
What is it?
When property is developed into a neighborhood, the developer can opt to create a HOA in order to maintain the neighborhood. The residents living in the bounds of the HOA have certain The homes that reside in the HOA area are required to pay the set fee per month in order to contribute to the maintenance of the neighborhood.
What do I get from it?
If you live in a neighborhood with a pool, gym, park, common area, etc.; the HOA contributes to the maintenance of these facilities. In townhomes or condos, the HOA will contribute to the outside landscaping and maintenance and insurance for these facilities. Additionally there are regulations for the appearance and maintenance of your home.
What do you mean regulations?
HOA depending on the regulations dictate what you can do with your property; for example, the type of fencing, lighting requirements on the outside of the house, or if you can park vehicles in front of your home on the street.
Is this a bad thing for me?
HOAs are not all bad. In a lot of ways they have a lot of value- for your home you get additional facilities that would otherwise drive up your mortgage and require more maintenance on your part. They do require a little more rule following and attention when deciding what you can and cannot do with your home. On the same hand, these regulations can help keep your home value up when you go to resale and make your home more appealing to others moving into the area.
If you are the type of person who doesn’t want any extra regulations on what you can do with your home, an HOA would not be an ideal situation. But for those of you who want a little more in the neighborhood you live in, an HOA would be a good option.
If you want to know more about HOAs in the Denton County area, let me know here!
