Are you considering buying a home that has an HOA—Homeowner’s Association? In the thriving real estate market of Bucks County, a good HOA can add to the value of a property if the circumstances are right.
The following guide will walk you through some of the basics of HOA’s to give you a starting point for a conversation with your trusted real estate agent:
How does an HOA work?
HOA’s work by collecting a fee—either monthly or quarterly—from all of the homeowners in the Association. In return, certain services are provided. The types of services provided will vary, but they can include things like garbage pick up, snow removal, a gated entry to the community, common amenities like a pool or fitness center, and more.
How much does an HOA cost?
How much the HOA costs will depend on market factors as well as what services are included. It stands to reason that an HOA that provides a state-of-the-art fitness center and pool in a private, gated community will have a higher fee than an HOA that simply provides lawn care. Your real estate agent can help you understand the costs involved—as well as the benefits—of local HOA’s.
What are the pros and cons of an HOA?
This again will vary depending on the HOA and each buyer’s circumstances and needs. However, many consider a major benefit of an HOA to be the peace of mind that comes with paying a regular flat fee to have various amenities and services taken care of by the Association.
The chief element that is pointed out by some as a possible drawback is that HOA rules may seem restrictive. Each HOA has a set of rules by which it requires homeowners to abide, and these can range from things like what color you can paint your front door to how you can decorate for holidays. Some HOA’s also have rules related to how you can entertain in your space—whether you can grill outside, where guests can park, etc.
Once primarily associated with townhomes and condominiums, HOA’s are now seen in many different types of housing developments and communities. Your real estate agent can help you navigate the diversity of services and a range of prices to see if an HOA is right for you.
