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EXPERTS CORNER:
Pros and cons of homeowner associations
COURTESY OF THE PLATINUM GROUP REALTORS
With an abundance of communities now offering amenities like swimming pools, club houses and fitness centers, it’s important to understand the realities of living under an HOA before making your purchase. These days, there are around 26 million homes across the country that are governed by them, according to the trade group Community Associations Institute (CAI).
1. MONEY
HOAs assess fees that help maintain common areas and cover community services, so it’s essential to know the size of the fee and what it covers, before deciding if you want to live in that community, and if you can afford to.
2. RULES
Understanding the HOA rules crucial because you are agreeing to abide by them when you buy a home in the community. The association regulations are intended to protect property values, and they can touch on anything from how you paint your home to where you park your car. CAI recommends investigating rules about pets, flags, outside antennas, clotheslines, satellite dishes, fences, patios and home businesses before you buy.
Some other aspects of an HOA you should take into consideration will help you determine some of the pros and cons of a such a community: • PRO: Amenities Many communities provide access to fantastic amenities such as tennis courts, swimming pools, clubhouses and other extras that you may not have nearby or may not be affordable. • PRO: Reducing your responsibilities HOA’s typically use the fees they collect toward services (like snow removal) and maintenance that you might otherwise have to accomplish yourself. • PRO: Keeping up appearances HOAs rules usually prevent property neglect and the resulting neighborhood decline, which can help maintain property values within the community. • CON: Assessments If the HOA doesn’t have cash reserves to cover an expenditure, it can possibly impose an assessment to come up with the money. And, keep in mind that according to Reuters, 70 percent of all HOAs are currently underfunded. • CON: Rentals HOAs can specify a wide-array of rental restrictions, for example limiting
the number of rentals to 15 percent of homes in the community, requiring HOA board approval of tenants, and lease terms. Additionally, before you purchase an existing home in a community with an HOA, make sure the home is in compliance and whether you would have to make changes to the home to comply. Homeowners’ associations can be a useful resource when they prevent your neighbor from painting her house neon pink, but if they expect you to perform expensive maintenance on your home or impose rules that you find too restrictive, they can quickly become exasperating. Before you purchase a property with HOA rules and fees, know exactly what you are getting into. Guidance from a reliable, experienced professional can help you navigating options and determine what work best for you. The experts at The Platinum Group, Realtors have years of experience and unlimited resources to help you evaluate your best options based on your financial situation and the local market conditions. For a no-obligation consultation, call today: 719-536-4326 or visit PlatinumHomesSales.com. ■
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These days, there are around 26 million homes across the country that are governed by HOAs, according to the trade group Community Associations Institute.