If you’re thinking about buying a home, one thing to consider is whether or not the neighborhood has an HOA. HOAs can be great for maintaining property values and keeping things looking nice, but they can also come with some potential drawbacks. In this blog post from the Rob Ellerman Team in Kansas City, we’ll take a look at both the pros and cons of buying a home in an HOA-controlled area so that you can make an informed decision.
Pro: HOAs Can Help Maintain Property Value
One of the biggest pros of an HOA is that they help to keep your neighborhood looking nice, subsequently helping to keep the property values high. This is because HOAs generally have rules and regulations in place regarding things like lawn care, exterior home maintenance, and more. Some HOAs even take care of lawn care and snow removal in common areas.
Pro: Access to Amenities
Many communities with HOAs have additional amenities that you wouldn’t otherwise have access to, such as a pool, gym, or clubhouse. The use of these amenities is typically included in your HOA fee and admission is limited to HOA members.
Con: You Have to Pay HOA Fees
However, there are also some potential drawbacks to consider. One of the biggest is that HOAs can be expensive. In addition to your mortgage payments, you’ll also have to pay monthly or annual dues to the HOA. These dues can add up, so it’s important to factor them into your budget when you’re considering buying a home in an HOA.
Con: You Have to Follow the Rules and Regulations
While the rules and regulations do help to keep the neighborhood looking great, they also provide the potential for conflict. It’s important to do your research before buying a home in an HOA so you are aware of their unique rules. Some people love the feeling of community that comes with living in an HOA, while others find the rules to be constricting.
Whether or not buying a home in an HOA is right for you depends on your personal preferences and lifestyle. If you’re looking to buy a home in Kansas City, the Rob Ellerman Team can help. Contact us today to find your new home!
