These are some questions that you may be asking yourself if you’re in the market for a new home. An HOA is a community’s Home Owner’s Association that is responsible for tasks associated with the community. The majority of home buyers fall into one of two categories of opinions on homeowners associations – those that want an HOA and those that do not wish to ever live in a community with an HOA.
We’re here to help you get a better understand of what HOAs do so that you can make a decision on whether an HOA community is important to you or not. Here are some benefits of living in an HOA community:
Here are a few not-so-positive point about HOA communities:
- Appearance – HOA’s typically set standards for the appearance of the community. Homeowners may receive a fine for unkempt lawn, peeling paint or junk in the yard. Some communities also have architectural guidelines to establish a particular feel for the community.
- Maintenance – The HOA fee may include things such as trash pic up or even lawn care. Common areas are typically maintained by the association.
- Amenities – Not all HOA communities have extravagant amenities, but based on the yearly fees, you can expect some extras. You may find a swimming pool, tennis court, clubhouse, walking trails and other amenities.
- Fees – The fees differ depending on amenities and services provided. You could see fees anywhere from a couple hundred couple a year to a couple hundred dollar a month!
- Frequent Maintenance – Some HOAs can be strict when it comes to rules and regulations. If you don’t have the time or money to spend on your home’s appearance, you could face fines.
- Can Discourage Renters – If you are purchasing a home that you may rent out in the future, you are encouraged to look into HOA regulations. Some HOAS only allow a percentage of homes to be rented while others may require an extreme screening process.
HOA fees can vary greatly and depend upon multiple factors – such as amenities and realm of services covered. It is important to consider HOA fees when comparing the prices of homes you’re looking to buy. If you’re looking to buy in eastern North Carolina, contact Chalk & Gibbs today! Our local real estate agents are ready to help you find the home of your dream while helping you sort out all of those features that are most important to you!