HOAs: What They Mean and How They Affect You
How do HOAs affect your new home?
When you’re purchasing or building a home, there are countless things to keep track of. Adding a homeowner’s association into the mix can be one more complication. Between the monthly fees, the restrictions, and the perks, it can be hard to understand how an HOA will impact your day-to-day life in your new home.
Learn exactly what to expect from an HOA so you can make an informed decision before you sign on the dotted line.
What is an HOA?
A homeowner’s association is a group that creates and enforces rules for all of the residents of a particular community, whether that’s a condo building or housing community. Anyone who owns property within the HOA’s domain becomes a member of the association and is then required to pay monthly dues.
What Do They Do?
HOAs govern what is permissible in your community, which is outlined in a Declaration of Covenants, Conditions, and Restrictions. This document details the type of maintenance you’re required to uphold for your property along with certain restrictions. Some HOAs, for example, regulate what color you can paint the exterior of your home or if you’re allowed to install a certain type of fence.
HOAs also maintain certain aspects and amenities in your community. Using the dues collected from members, they oversee the upkeep of communal areas like lawns, pools, or community centers.
How Much Does it Cost?
Each HOA has different fees depending on the type and size of the community. If you’re looking to buy or build in an HOA-governed community, you can expect to pay anywhere from about $200 to $2,500 annually. Typically, the more amenities in the community, the higher the cost.
What Are the Pros?
HOAs are advantageous because they help regulate your community. By ensuring that all homes are well kept and maintained, it helps guarantee a steady property value for you and your neighbors. You’ll also have access to all of the HOA-included amenities and have a governing body to oversee any qualms between neighbors.
What Are the Cons?
Some HOAs can be very strict about what you can and cannot do to your property. For example, some HOAs regulate the height of the grass in your yard, exterior decorations and decor, and whether or not you can rent out your home. If you don’t follow their guidelines, you’ll be fined or even taken to ligitagion.
Is an HOA worth it?
If you’re trying to decide if an HOA is right for your new construction home, Atmos can help. By connecting you with experts from across different areas of expertise, Atmos takes the uncertainty and confusion out of the homebuilding process. From connecting you with expert realtors to esteemed builders, Atmos ensures you have the support you need to easily make every decision along the way.
