Picture this: you’re in the market for a house to fit your growing family. Finally, you find one that matches everything you’ve been looking for: enough rooms for your family; a spacious living room where you can watch Disney Princess movies in order on weeknights; and a location close to everything you need in a price range that fits your budget.
You buy the house, move in, and try to adjust to your new home. But then you get your first monthly homeowner’s association (HOA) bill. It’s a bit high, but you figure that it means the service is good and the fees will benefit the neighborhood. But over the next few months of living there, you realize that that isn’t the case and you don’t see or feel your money being put to good use. And now you’re stuck in a home paying for an HOA bill that’s an added expense on your home with no tangible effect.
So if you’re in the market for a home, here’s what you should look out with regard to your HOA.
Streets and Roads in the Community
HOAs are responsible for maintaining and repairing the streets and roads within the community, so the state of the streets can give you a fairly good idea of how good (or bad) the HOA is. A neighborhood filled with potholes, broken speed bumps, and faded street signs should be a warning sign about how well-maintained the neighborhood is.
On the other hand, look for details that show the HOA is doing their job: smooth streets, thermoplastic road marking paint to help direct traffic effectively, and highly visible street signs to guide community members and visitors.
What Your Neighbor Says
Your neighbors can affect your property value by up to 10 percent, so if you’re interested in a house and happen to see one of them passing by, it may be a good idea to say hello and ask them a few questions. After all, your neighbor won’t have anything to gain from lying about the property, so you’ll probably get an honest answer from them.
Aside from asking about how good or bad the HOA is, ask them about the noise on the street, the other neighbors, and anything else they think you need to know should you decide to move in. It’s a great way to establish rapport should you ever end up living there.
Facilities You May (or May Not) Use
Aside from the utilities and other usual costs added to an HOA bill, you might also be paying for facilities. Your neighborhood may also have swimming pools, tennis courts, and other recreational facilities that add to the cost of your HOA bill whether or not you use them. This could be the reason why your bill is much higher than average but you don’t see any significant changes to the roads or other public facilities you use.
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So, if you’re not interested in using these facilities, take note that you will still be paying for these as a community member, which is why you should consider whether the property is worth the added cost. If it’s not, you might be better off in another neighborhood that has fewer recreational facilities.
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Part of buying a house is accepting the responsibility of paying the HOA fees. That’s why when shopping for a house, don’t just limit your viewing to within the property limits.
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It’s just as important to look outside the property, the neighborhood, and the HOA you’ll be dealing with should you live there.