Making the decision to reside in an area under a homeowners association, or HOA necessitates some research and forethought. In order to help you settle on what’s best for you, here are some pros and cons of living in a community with an HOA. If you’re planning to relocate or buy a house in a community that has an HOA organization. It’s important that you do research about the neighborhood and how its’s HOA operates. Bear in mind, not all HOA are the same in terms of quality. Some HOA policies may not be agreeable for you. It’s critical that you know what to expect and whether you can live with the rules that are in place. Read more to understand the pros and cons of living in a community with an HOA in NKY or Greater Cincinnati Area.
PRO: RULES AND REGULATIONS
HOAs act as a ruling body over a group of units or properties within a given area.
They create and enforce a specific set of rules that everyone in that community is required to abide by, and this is intended to cultivate a community that meets the culture and aesthetics of its residents. The individual rules can differ widely from one HOA to another, and it’s very important to get all information about any HOA upfront if you’re interested in a home that is located in one of these communities.
CON: BEWARE HOA TYRANTS
One of the pros and cons of living in a community with an HOA is that due to the small scale nature of HOAs and their direct effect on the day-to-day lives of individuals living in their communities, it would be rather difficult for you to completely ignore the politics of your HOA.
While the environment of these residential cooperatives is intended to foster a harmonious atmosphere, HOAs can also bring out strong personalities simply looking to throw their weight around.
If an HOA lacks strong leadership, they can either give in to these demanding persons or end up being ruled by them, neither of which is ideal. Power corrupts and HOA power corrupts absolutely!
PRO: AMENITIES
Just as each HOA in NKY or Greater Cincinnati Area comes equipped with its unique set of rules, the extra programs and facilities help define which neighborhood is the right fit for you. Many neighborhoods in Mason, West Chester, or Union, KY enjoy HOAs and provide fantastic amenities for families.
Some communities may have a fitness center, swimming pool, or pet-friendly areas that are available exclusively to residents and their guests. When you go to a showing in an HOA-operated neighborhood, be sure to visit each of these amenities to get an idea of what exactly is on offer and how well they are maintained.
The state of the facilities will clue you in on how effective the HOA is, and where their priorities lie.
CON: ADDITIONAL COSTS
With the additional management and facilities comes additional costs to you as a resident.
These costs can range from paying for a property management company and amenity upkeep to a communal pool to budget for inevitable repairs in common areas or even private residences.
Each HOA will require member dues to be paid on an established timeline to keep up with their annual budget. This should be laid out for you in detail prior to you signing anything, and provide you with ample opportunity to have any questions you may have answered appropriately.
PRO: A STRUCTURED COMMUNITY
Your HOA might only set up and enforce rules, or they could go the extra mile and organize community-wide events.
Some examples of the possible activities that you might see include fitness classes, movie nights, community garage sale weekends, and even new resident welcome mixers.
The culture of the community is influenced by the residents, and you want to pay attention to the state of the neighborhood and the people living in it as much as the individual unit or property in which you are interested.
CON: REDUCED PRIVACY
Despite you living in a private residence, you’re still part of the community, and there could be expectations for you to actively participate in that community.
This is where the culture of the neighborhood continues to be a large determining factor, and making sure your personality is a good fit will ultimately lead to your happiness with living in a given community.
Team Sztanyo is a Real Estate Team Whose Mission is to Help Families Find Their Way Home in NKY or Greater Cincinnati Area
If you’re looking to relocate to a community with an HOA in NKY or Greater Cincinnati Area and you have questions like: What are the pros and cons of living in a community with an HOA? Can a community get rid of an HOA? Are HOA communities worth it?
Why are HOAs so bad? Are HOA communities private property? Then give us a call. Our Real estate experts will be able to answer any questions you have and can make recommendations.
If you’re buying a home or Cincinnati area property Team Sztanyo has the experience you need to help make the buying process easier, less time consuming, and we’re on your side to help make sure you get the best deal while we worry about all of the details.
Either way, countless local home owners and investors trust Team Sztanyo to help them wade through the real estate buying and selling process while keeping more cash in your pocket and helping you save the time and headache of working with less experienced brokers.