Posts from November 25th, 2019
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25
HOA Pros and Cons: Know Before You Buy
While showing our clients the best Richmond homes for sale, many of our REALTORS® have gotten questions about HOAs.
An HOA – Homeowners Association – is an organization that oversees property maintenance and special amenities for a particular group of homes. HOAs can be established in an average neighborhood, but you will usually find them in planned communities and some apartments.
Before you move into an HOA home, you need to meet with a representative. That person will go over the guidelines contained in a document called the Declaration of Covenants, Conditions, and Restrictions. This spells out what residents can and can't do.
Naturally, there are pros and cons to the decision to move forward:
Pros of an HOA
- More Responsive Maintenance
A significant portion of HOA fees goes back into the property, including all types of maintenance. Residents are not responsible for maintaining the grounds, usually get lawn care, and might even have certain repairs on their own homes performed at a discount or for free. - Better Home Amenities
HOA neighborhoods tend to have "centerpiece amenities" to make them attractive to prospective residents. For example, they may have a pool, golf course, or clubhouse. All of these are maintained out of the general HOA fund and kept available for you to use.