As I help a first time home buyer figure out if she wants to get a home with a Denver HOA or not, I did some research and found the following insights from real estate agents and home owners. Here are some simple and straight forward guidelines to help you make an informed decision.
Pro No. 1: Your neighborhood will look good.
Generally, an HOA establishes rules to ensure the neighborhood looks sharp, says Brad Pauly, owner and broker atPauly Presley Realtyin Austin, Texas. These include strict guidelines about keeping lawns manicured, restrictions on parking boats and other large vehicles on the street, and limitations on exterior paint colors.
œThis type of oversight eliminates issues with one or two properties weighing down all property values due to an unpleasant exterior, says John Lyons, a broker with Baird & Warner in Chicago.
Pro No. 2: You'll enjoy access to amenities.
An HOA usually offers community amenities such as a pool, a fitness center, parks, children's play areas and security gates, Pauly says.
Pro No. 3: Your maintenance costs will be shared.
HOA dues are earmarked for maintenance of shared spaces, according to Lyons. This includes community lawn care (but not for your own yard), community snow removal (but not for your own property) and upkeep of common areas like the pool or the fitness center.
Pro No. 4: You've got a built-in mediator.
Involved in a tiff with your neighbor over that big oak tree that's losing limbs? You can settle some confrontations with your neighbors by taking your grievances to the HOA's board or management company, Lyons says.
Pro No. 5: You can get to know your neighbors.
Gina Estrada, who lives in a gated HOA community in Clovis, Calif., says that if you're elected to serve on the HOA board or are otherwise active in the association, you'll become better acquainted with your neighbors. Heck, you might even make some new friends. œI believe we should know our surroundings, including the people in them, Estrada says.
Con No. 1: You'll fork over HOA dues.
When buying a home in a Denver HOA, you've got to add HOA dues to your budget. The dues vary, but typically run in the hundreds of dollars per month.
Check out the rest of the cons at RIS Media's House Call
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