Let's talk about HOA's...

Advantages of HOA

• The restrictions, conditions, and covenants of a HOA are intended to provide protection to the homes' value and to maintain peace and order in the neighborhood. For instance, a HOA may inhibit your neighbor from putting up a hideous fountain in their front yard, parking a car or RV on the lawn or on the street.
• Generally, the houses in communities that are governed by such associations are well kept.
• If you're having an argument with your neighbor about something, you can take the issue to the association to help you sort things out.
• The dues for the Homeowners Association may finance shared services such as snow removal, lawn maintenance, garbage pickup, insurance and security. There would be less work for you.
• Such associations may possibly fund for community get-togethers and events.

Disadvantages of HOA

• All homeowners are mandated to become a member of the association in HOA-governed communities.
• Members are required to pay for membership dues, which may possibly increase. Before you buy a property you need to know about the dues, when you should pay, what these fees do and do not cover, as well as the possibility of an increase.
• Some associations do not permit homeowners to have certain breeds of pets and may limit the amount of pets per home.
• Members of HOA may have less influence on how they may change their homes' appearances since some associations have rules against installing a pool, fencing one's backyard, or even painting your front door red (most are flexible but may suggest a certain material for fencing and color that has to be approved).
• You may not be allowed to rent out, under HOA rules and regulations.
• If you aren't able to meet the requirements or you break a rule, the HOA can charge a fine. If you're unable to pay the dues and/or fines, the HOA might attempt to foreclose on your property.