Pros & Cons
of a Homeowners' Association
| Nearly one in five Americans lives in a home governed by a Homeowners’ Association (HOA). Let’s review some of the pros and cons: |
Pros: Homes in HOA-governed communities tend to be well-maintained, attractive and uniform (which generally helps their value). Although it varies by community, the HOA fees will likely cover services such as snow removal, trash pickup, security, lawn care, and exterior maintenance. There may also be some shared spaces, such as clubhouses or pools where all members will have access.
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Cons: Membership can cost a pretty penny and is nearly always mandatory. While some communities are fairly relaxed, others have rigid rules about the appearance of your home. You may have to get permission to paint your front door, plant trees or flowers, get a dog, or install a fence. If you don’t meet their requirements, they have the power to levy a fine.
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