Homeowner Associations

The Pros and Cons of Homeowner Associations
By Travis Winfield

In this week's episode of The Winfield Weekly I address some of the Pros and Cons for buying a home that has a Homeowner's Association.

If you prefer to read than watch, below is the Text Version

I want to talk about this topic that can be very polarizing and that's Homeowner Associations.

So, with homeowner associations, a lot of you love them and a lot of people hate them. So let's talk about the pros and cons of each. Not too long ago I posted a home that I drove by and it was purple. And of course I posted it and asked, "What are your thoughts when it comes to this home in the neighborhood?".

Now obviously this is a neighborhood that did not have a homeowners association but in addition to it being purple the fact is that everything around it, the entire front yard was not kept, it was overgrown with lots of weeds. So I ask "How would you feel if this was your neighbor?". Of course I don't hold either side but it's a good question right?   Because this what you have to weigh on the pros and cons of a homeowner association. So if you're in one; then yes they're going to place some restrictions, so that all the homes look relatively the same. However, a lot of times it can actually maintain the property value in that particular neighborhood.  In the case of the purple home, there's a very real chance that if you were the neighbor trying to sell your home and the people who are looking to buy it come up and see that home next to them it might discourage them from buying that home. You could have the best kept home in a non-HOA neighborhood but if your neighbor doesn't maintain their home, that can directly affect the value of your home inadvertently.

Now the cons of a homeowner association is exactly what a lot of people really don't like; they can actually have a lot of control over what you can or can not do with your home. Keep in mind that it's really important that you read the CC&R's  which are your covenants of restrictions on the home because there is some stuff that might be in there that may be a deal killer for you if you decide to buy that home.  For example, some of them say you cannot leave your garage door open. Well some people love to sit outside with their garage door open! Some require that your home has to be a certain color and look a certain way.  You can't have your grass growing a certain height.  Another  example is that in my neighborhood I have an RV. I can only have my RV in front of my house for two days or I'll get cited. So, there are pros and cons to each. You have to make an individual decision on what's important to you and take the pros and cons of each. I hope that clears it up for you.   As always I am always available to answer questions about this and other real estate topics so contact me for help whenever you  need it.

Travis