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Is it a Bad Idea to Buy a Home in an HOA?

If you are considering a condo, townhouse, or even a single family home in a planned development, you will likely have a Homeowner's Association involved. In some cases, there can even be more than one HOA. It's important to know what fees are associated with the HOA, how often they are due, and how that impacts your monthly budget. Your lender can run the payment scenario for you to show you what that would look like.

As part of the contract, the seller is required to provide current HOA documents to you that reveal the association's financial status, recent meeting minutes, rules and regulations, and legal standing. You along with your real estate agent and mortgage lender will have a few days to review these documents to make sure there is no cause for concern or deal-breakers.

Pros of an HOA:

  • common areas are maintained
  • there are rules in place to help keep the property values stable
  • there may be amenities like a pool or fitness center
  • some utilities may be included.

Cons of an HOA:

  • fees can go up
  • special assessments can be implemented for repairs or improvements to shared features
  • rules and regulations may not be compatible with your lifestyle or goals for the property
  • fines can be assessed if you don't follow the rules
  • if you don't pay your dues, the HOA can foreclose on your property.

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