Blog :: 07-2019

Pros & Con of an HOA in Real Estate

Some homes that are sold are part of a homeowners association, more commonly referred to as HOA. When you buy an HOA home, you are agreeing to live according to a specific set of rules established by the association. You pay a fee, typically monthly, that goes towards the general maintenance and management of the larger HOA community. Living in an HOA community has its benefits and downsides, and is not a living situation that appeals to everyone so if you are thinking about getting one of these homes off the real estate market then definitely do your research. We’ll look at some of the pros and cons of an HOA that you should know about.

 

What Is a Homeowners Association (HOA)?

A homeowners association (HOA) is described by the IRS as a membership organization formed by a real-estate developer to own and maintain common green areas, streets, sidewalks and to enforce covenants to preserve the appearance of the development. In essence, it manages a community of houses, condominiums or townhouses, enforcing the agreement, conditions and restrictions set by the association. HOA fees are not added to the monthly mortgage payment. A good Realtor will tell you that prior to buying an HOA home, it’s essential to consider the rules and whether you can abide by them, and if the benefits are right for your family.

 

Pros of an HOA Home

HOA Handles Conflict Between Neighbors

Neighbors don’t always get along and sometimes the simplest things can lead to conflict. A neighbor may have overhanging trees, a dog that barks a lot, or the backyard barbeque party may have the music too loud. The HOA can step in and mediate neighbor-to-neighbor disputes of an alleged violation of the Association’s rules. The dispute has to be one that is a common area problem or one that violates the Covenants for the Association to intervene.

 

HOA Manages Common Areas in the HOA Community

You don’t have to worry about cleaning a swimming pool or any other common areas when you live in an HOA community. The HOA is responsible for the upkeep of all the recreational areas and shared amenities in the community. This helps to property values, keeping it clean, beautiful and safe for harmonious living.

 

Cons of an HOA Home

They Make the Rules that You must Follow

It is the Association alone that gets to decide what is acceptable, be it your Waltham home’s color, where parking is permitted, how often you mow the lawn, your front-yard landscape design and even how you decorate the exterior during the holidays, such as Christmas. They make all the rules about your home’s appearance and the scrutiny rests with them, who can express their disapproval of something you like for your home. If you are home buying in an HOA community, you should know this bit of information.

 

Falling Behind on HOA Dues Can Result in Foreclosure.

It’s crucial that you factor HOA dues into your budget. Failure to pay HOA dues and/or associated late fees can compel the Association to proceed with a foreclosure on the property. Keep in mind that each state has its own laws related to the issue. For example, some state may place limitations on when an HOA can begin the foreclosure process. 

 

Home buying and Waltham home selling require knowing how to get the most out of a piece of real estate. HOA has a specific appeal to certain people who are looking for some sort of lifestyle community. It’s important to know the pros and cons of an HOA before buying into the community. If you are ready to purchase an HOA home in the Waltham area, feel free to contact Hans Brings today! 

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    4 Reasons Summer is a Great Time to Buy!

    When it comes to the perfect times to buy a home in the real estate market in Waltham, MA or any area there really isn't a concrete "perfect time." While the warmer seasons are the preferred times to purchase a house, homebuyers can essentially look and make a purchase any time throughout the year with a Realtor.In addition, the warmer months are when the real estate market is in their "boom" stage as all owners looking to sell will have their homes listed around this time. Knowing that the summer will probably be the time you will start to look and go to open houses, here are four reasons as to why you should buy a home during the summer.

     

    4 Benefits To Buying A Home In The Summer

    1. Family
    If you have children, the summer is a good time to seek out a Realtor to buy a home in the Waltham, MA area. Rather than uprooting them in the middle of the school year, the school will be out in the summer. By waiting until the summer, your children will have the rest of the school year to say goodbye to their friends from their old school. When buying a home in the summer, your children will have the summer to get acclimated to the new home and community, so they feel comfortable before the school year begins at their new school. 


    2. Projects
    If the home you are looking to purchase looks like it may need some work, summer is the best time for it! Weather in Waltham and New England, in general, makes it very difficult to work on different home projects throughout the year. The nice summer weather enables painters, contractors, etc. to do their job without the hassle of the cold. If you need work done inside, why not have it done while your family takes a vacation! You don’t have to worry about anyone disrupting your daily life at home if you are away!


    3. Landscaping
    If you are interested in landscaping your new home, summertime is perfect! Make your new Waltham home truly yours by incorporating different kinds of landscaping projects that you will want to have on your property. Whether it is starting a garden, adding shrubbery or installing different masonry additions to your property. Not only will this make your home more aesthetically pleasing, but it can add value to your home if you are looking to sell on the Waltham real estate market in the future. 


    4. Become Familiar with the Area
    While school is out and the days are longer, this is a great time for you as a whole family to introduce yourselves to your new community and learn more about your new location. If you purchased your home with the help of a Realtor, reach out to him/her to learn more about the community. A reputable Waltham Realtor will have ample amounts of knowledge of the town you are moving in to help you feel comfortable. People will be out and about which will let you get to know your new neighbors and their families. You could even have a summer BBQ to meet everyone at your new home! Summer is also a good time to explore the town and seek out fun activities to do as Waltham and New England have so much to offer!

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