If you’re thinking of buying a house within a Homeowners Association (HOA), there are a few things you need to know first:
1. What’s the cost? It could be $100 per month or $500 per month. This could impact your loan and it’s a real fee you have to pay each month.
2. What does the cost cover? Do they mow the lawn and remove snow, or just basically manage the community?
3. What kind of restrictions are there? The biggest one that we see has to do with investors buying townhomes. A lot of them get all the way to closing before finding out that the HOA doesn’t allow non-owner occupied investment properties. We also tend to see pet restrictions.
In the end, make sure you do your due diligence, read your documents, and make sure that you can lean on your agent to help you. We want to make sure that if you do buy in an HOA, they do a good job at maintaining the value of your home and increasing its value.
If you have any questions for us or want to learn more about buying a home within an HOA, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.