When showing homes and I say “this home has an HOA” the reactions are many. I think many people don’t understand what an HOA can do to protect the value of your home. A good definition is “A homeowners association is an organization created by a real estate developer for the purpose of developing and managing a community of homes, townhomes and condominium units. It has the authority to enforce the covenants, conditions, and restrictions as well as manage the common elements of the development.” (www.ag.ny.gov)
The HOA can control the appearance of homes around yours, approve new construction to ensure it fits the style and type the neighborhood design. When spending for what most people will be their largest investment could be worse than building a $300,000.00 home and have a $50,000.00 home moved in next door,
Many HOA’s take care of the lawn and shrub care, snow removal, as well as trash, pick up. Each HOA will have its purpose and will provide you with a list of their and your responsibilities.
So when you go home shopping don’t walk away from a home just because it has an HOA, have your agent find out the benefits, you may find it is just what you are looking for to protect your investment.
Daniel L Byers, REALTOR®