An HOA, also known as Homeowners Association is a community that provides rules for maintaining common spaces and properties. Waltham Realtors state that HOA’s are usually present in condos but can also be present in some single-family properties. Along with following these rules, home and condo owners in these properties have to pay a monthly fee which goes towards taking care of the area and buildings. HOA’s have legal power over properties, so if a homeowner does not pay the HOA fees, the HOA can place a lien on the property.
What is an HOA Fee?
As mentioned above, an HOA fee is what property owners pay each month for the amenities and upkeep of their living community. HOA fees can vary, however, they usually depend on how many and what kind of amenities are available within the complex.
Does An HOA Have Power Over Your Property?
Every HOA is different. Some homeowner’s associations can be strict and give out certain rules. These rules can include what colors you’re allowed to paint your home, how tall your fences can be, or if pets are allowed. They can also determine whether or not you’re allowed to rent your property. However, some homeowner associations are more relaxed and are only focused on keeping up with the properties so that the property values can stay up.
Advantages & Disadvantages of HOA’s
Waltham Real Estate Agents say there are both advantages and disadvantages when buying a property with a homeowners association. Homeowners association fees can be great to help maintain your property and the look of your community but they also might make you pay for maintenance that you don’t see necessary. Let’s dive into a little more detail on the advantages and disadvantages.
Advantages of HOA’s
HOA rules can avoid conflicts with neighbors. If everyone has the same rules for their property, there shouldn’t be any issues. Having rules can keep things consistent and give everyone amazing access to amenities such as pools, gardens, recreational centers, etc. HOA fees also usually pay for snow removal, trash removal, outdoor landscaping, some utilities, and more. Not having to worry about these things makes the HOA fee feel very worth it says Waltham Realtors.
Disadvantages of HOA’s
Of course, all advantages come with some disadvantages. A few of the disadvantages of having an HOA is that you might need approval to make changes to your home. Homeowner associations have the authority to deny certain improvements and additions to your home. Also, if owners in your complex are not paying their HOA fees it could be difficult to sell your property. Buying your own home usually means you have free range to do anything you want, but in some HOA’s you might not have that same freedom.
Contact a Waltham Real Estate Agent
If you’re wondering if buying a home within a homeowners association is right for you, contact a Waltham Realtor. Your Waltham Realtor will discuss the conditions with you and see if they are a fit for what you’re looking for. For some people, buying a home or condo within an HOA is ideal but for others, it’s not. You can rely on a Waltham Real Estate Agent to help you find the perfect home and community for you! Contact Hans Brings today at 617-968-0022 or fill out a contact form!