HOA What are the Rules?
When considering buying a house under an HOA, it is wise to first research the association to be sure that you can, and want to, live there. Two of the most important things to find out are how expensive the dues are and how often they are paid. The monthly payments might be so high that you won’t be able to afford to live there, even if you think you could afford the house.
Another consideration is the set of rules that the residents must abide by. For instance, a dog owner would be very unhappy to find out that the association does not allow dogs, especially if they already purchased the house. HOAs may also have restrictions on how many cars you can park in front of your house (usually you just can’t park on the street), so be sure of the rules before locking yourself into a house under an HOA.
Most Homeowners’ Associations are very good at what they do and strive to make life in their community as pleasurable as possible. But there are some HOAs that are not well managed. It is a good idea to find out how well they manage the money from the dues they collect, and find out how many times the dues have been raised. If the dues are frequently raised and the association is still short on funds, consider looking elsewhere for a new home.
The vast majority of people living in HOAs don’t have any trouble with the regulations or the dues. You just want to be sure that your lifestyle is not going to be impeded by them.