Homeowner's Associations:
What You Need To Know
As you begin looking for a
home to purchase, you will start to come across houses that have a homeowner's
association. This is an association made
up of the people who own homes in the area, created to help maintain certain
standards in the community. They set
rules and regulations for all kinds of things, from the color you can paint
your house to the time you need to turn down the stereo in your backyard.
You will need to decide
whether or not you want to live in a neighborhood with an existing homeowner's
association or whether you would rather avoid them. This is, of course, a personal choice, but
you should know what homeowner's associations are all about before you make the
call.
Why A Homeowner's
Association?
If you have ever had
neighbors who were incredibly loud, let their house get run-down, behaved
inappropriately, or any of the long list of things that can make life
unpleasant and bring down the value of your home, you know why a homeowner's
association can be helpful. With rules
for conduct among neighbors clearly set out, you can be confident that your
home's value won't be brought down by a pile of old appliances in the
neighbor's yard.
You can also avoid nasty
confrontations with your neighbors by simply taking grievances before the
homeowner's association board and letting them handle any rule violations.
Homeowner's associations
also often take care of shared areas in the neighborhood, keeping them
available for the use of the families in the association. This many include a park or a pool.
The Cost Of An Association
Every homeowner's
association collects dues monthly or yearly from the people who live in the
neighborhood. This money goes toward
running the association and taking care of the shared spaces. You will be informed of this amount before
you buy, and should factor it into your monthly budget.
There is another cost to
belonging to a homeowner's association, and that is a little bit of your
freedom. When you live in an association
area, you will have to abide by the rules as well, even if you think they are
silly. You do, however, have the option
of petitioning the homeowner's association to change any rule you don't agree
with. But if you lose, you will have to
live with it.
There are both good and
bad sides to having a homeowner's association.
For those who prefer living in a more controlled environment, they are a
great choice. For those who want to be
free to do as they want on their property, the constraints might not be
appreciated.