Real estate agent and Realtor Matt Leighton talks about the pros and the cons of buying a house in an HOA (homeowner’s association).
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HOA: Buying a house in an HOA – Pros & Cons
1:18 – What is an HOA (Homeowner’s association)
1:44 – The goal of the HOA
2:02 – Con: The HOA determines the exterior look of the property. When you buy a house in an HOA, any sort of exterior renovations must be approved by the HOA.
3:09 – Pro: The HOA will have a neat and tidy appearance. There are rules that dictate how the exterior will look and if these rules are not followed, the homeowners may face consequences.
3:43 – Con: HOA fees. The fees are paid on a consistent basis (monthly, quarterly, etc) and the fees go towards operating expenses and the reserve fund.
4:57 – Pro: Low maintenance lifestyle. Maintenance costs for the community are shared amongst all the owners and when compared to having a single-family house, the maintenance costs will be much lower to maintain the property.
5:50 – Pro: Some utilities included. This will depend on the association.
7:02 – Con: Rental restrictions. Short-term rentals are not allowed in most HOAs.
8:03 – Pro: Renters have to follow HOA rules. If you want to rent out your property and are worried the renter may not follow all the rules, your renter will have to follow the HOA rules in addition to the lease they signed with you.
9:09 – Con: The HOA could be poorly-managed. The HOA board is made up of homeowners from the community and if those homeowners don’t get along, don’t like spending money to fix things, or have ulterior motives, the community could run into financial issues down the line.
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Matt Leighton – Arlington VA Real Estate Agent
Matt [at] Orange Line Condo dot com
Century 21 Redwood Realty
1934 Wilson Blvd
Arlington, VA 22201
https://www.youtube.com/watch?v=BCYeAQsUbfw