If you’re looking to buy a house, you will likely come across a few houses that are part of a homeowners association (HOA). There are more than 40 million such homes nationwide. Buying a house with an HOA offers definite benefits, but there are also drawbacks. It’s not for everyone, so you need to weigh both the pros and cons carefully to make sure you’re making the right decision for yourself and your family. To help you out, we offer these 5 pros and cons of buying a house in Harford County with an HOA.
1. Pro: Someone Else Takes Care of Upkeep and Repairs
One of the biggest benefits of buying a house in Harford County with an HOA is that you don’t have to worry about taking care of upkeep and repairs. Someone else does that for you. You won’t have to worry about, say, mowing, landscaping, painting, and/or repairing the roof.
The HOA will hire people (paid for with your HOA dues) to take care of these matters, things such as . . .
- Systems upkeep and repairs (HVAC, electrical, plumbing, and security)
- Repairing the roof and exterior walls,
- Painting exteriors
- Snow removal
- Trash removals
So if you don’t have the physical ability, skills, inclination, or time to do such things yourself, then a home with an HOA may be for you,
2. Pro: Recreation/Social Opportunities and Lower Utilities
In addition, buying a house with an HOA offers you both social opportunities and lower utility bills.
If you like to engage in recreational activities and social events, then an HOA will fit right in with your lifestyle. Most HOAs provide such amenities as swimming pools, tennis courts, gyms, and even golf courses. They also host social events like block parties, cookouts, pool parties, and yard sales.
Also, your HOA dues may go toward utility bills. It’s not uncommon for an HOA to take responsibility for water and gas, as well as trash removal services. Because your dues will go toward these, you will wind up paying less for utilities and related services.
3. Pro: Better Resale Value
Another pro of buying a house in Harford County with an HOA is that you will very likely be able to sell for more later if you choose to do that. Homes in an HOA typically sell for about 4% more than homes outside HOAs. And that percentage only increases for larger homes and homes in smaller subdivisions.
One of the reasons for this phenomenon is the typical conformity in a planned community. The uniformity when it comes to square footage, home style, and restrictions also plays a role. To find out about HOA home resale values in your area, you can consult a Harford County agent at 443-616-5486.
4. Con: The Fees
But there are cons to buying a house in Harford County with an HOA. And probably the biggest of these is the fees you’ll have to pay.
HOA fees (or dues) are mandatory, and they can be pretty steep, depending on the specific HOA community and what you get for your fees. Fees for single-family homeowners average about $2,800 annually. And then there may be monthly assessments of $100 to $300.
Though you do get a lot for what you pay in HOA fees, they can still be expensive. So in deciding the affordability when buying a house with an HOA, be sure to factor in these fees.
5. Con: Restrictive Rules and Regulations
Another con of buying a house with an HOA has to do with all the restrictive rules and regulations. Simply put, there are a lot of things you can’t do, you’ll have to get permission for those you can.
For example, some HOAs dictate the color you paint the exterior of your home. The personalization of a home you own will be restricted, and here are a few of those restrictions you’ll face . . .
- Dimensions, placement, and materials for fencing
- How tall you can let your grass grow
- The type of sprinkler system you can install
- The size of the garden you can have
- Type of street-facing window coverings
- The number, size, and kind of pets you can have
Buying a House with an HOA
A home within a community governed by an HOA is a great option for some buyers, but for others not so much. If you’re on the fence, be sure to work with an experienced Harford County agent who can tell you all the pros and cons and guide you to the right destination. If, then, you’re considering buying a house in Harford County, contact us today at 443-616-5486.