Home buyers have many things to consider when considering a home for purchase: Location, price, square feet and condition are among the initial factors.
Beyond those, one area that can either entice a buyer, or be a deal breaker is a Home Owner’s Association, or HOA.
An HOA typically involves a recurring fee that goes to cover maintenance of common areas in the neighborhood.
The CC&R’s in an HOA – or covenants, conditions, and restrictions are designed to help the neighborhood keep it’s uniformity from an architectural design to the maintenance of front yards.
Some buyers don’t like the idea of red tape an HOA may present as it may feel overbearing. But that same red tape may prevent a neighbor from rowdy parties, leaving their trash cans out, or letting their property go to blight.
The bottom line – it comes down to preference.
If you like a property in an HOA – ask your REALTOR what it covers and get a copy of the CC&R’s to dig deeper.