Homeowners associations, also known as neighborhood associations, are commonly referred to as HOAs. These private organizations are made up of community members and have a set of rules and regulations that residents must follow and for which they must pay fees. HOAs are put in place for subdivisions (PUD: planned unit development) that have shared/community areas that need to be maintained. They are also part of condos/Townhome communities that have structures and community areas such as pools, play areas, lawns, etc. That need to be maintained.
The benefits to living in a PUD, Condo or Townhome with an HOA
Such a choice undoubtedly provides many benefits to community residents; however, living as a member of these associations may not be suitable for everyone.
If you are thinking about moving into a community with an HOA, we have listed the pros and cons of living in these communities in this article to help you make the best decision.
· The biggest advantage of community living is the convenient access to community amenities. Members of the community benefit from shared pools, clubhouses, and volleyball courts that they would not be able to afford on their own.
· Monthly association fees are a significant disadvantage of living in a HOA community; these costs typically include landscaping, additional amenities, and maintenance. If you decide to live in a HOA community, make sure you can afford the monthly payments so that you don’t incur liens from the HOA. Sometimes, the HOA fee can be included in your monthly payment.
· Another disadvantage is that some communities are poorly managed; examples of poor management include failing to provide regular lawn care or landscaping, failing to enforce parking rules, allowing public access to amenities, and failing to repair broken walkways or stairs.
· If you value your privacy, HOA communities are probably not for you unless you’re willing to compromise on that in exchange of meeting more people and forming social connections. PUDs, condos and townhomes are very close living, often with shared walls.
There are plenty of benefits to living in a community with an HOA, but there are also disadvantages, so do your research and determine if it is right for you.
We at VPM will be happy to accompany you in seeing what home options are available in the South Bend/Mishawaka area and help you find great homes in your budget.