Homeowner Associations: Good or Bad?

Homeowner Associations: Good or Bad?

 

Often times home buyers don't fully realize the trade-off they're making when they move into communities that involve becoming association members.  More than 57 million people belong to associations governing everything from large and small condominium developments to subdivisions of single-family homes.

 

Associations provide valuable benefits including, say, landscape maintenance and access to a fitness room, and their rules often help protect property values. But it's the horror stories that make the news: full-blown fights over a homeowner flying a flag, stringing a clothesline or owning a large dog. And in some states, associations are within their rights to foreclose on homeowners who refuse to pay their dues.

 

Before You Buy

Do your homework before signing with an association.

 

Explore the building or neighborhood and talk to the community manager to assess whether the rules will adversely affect your lifestyle.

 

Potential conflicts include restrictions on: 

• The size, type and number of pets.
• Exterior antennae, clotheslines, flags, fence types and paint color.
• Running a home-based business, including restrictions on parking commercial vehicles.

 

Ask what the monthly dues cover, whether the association hiked dues substantially in the past and, if so, why? Ask about additional fees, such as move-in fees.

 

Homeowner Associations can be good, but if you get into one that doesn't fit your lifestyle, it can seem bad as well.  If in doubt, do your homework!

 

Do you have an experience with a homeowner's association, good or bad?  We'd love to hear your comments.  Just use the comment link below and tell us your thoughts.