Pro's and Con's of Home Owners Associations

To everything ther is a yin and a yang. or so they say, the same holds true for homeowners and property owners associations. They have their good sides and their bad. Only you can decide what you are willing to live with if you buy a home in a neighborhood with an association. Associations are set up to maintain common areas and set the rules and standards for an area, keeping home values in mind. They try to keep indiual homeowners from letting properties get "out of hand" such as deferred maintenance, unsightly debris or trash in yards, etc. If your neighbors house is a run down mess think it will effect the price or salability of yours? You bet it can! How about if they have 4 old junkers or project cars in their driveway up on blocks or covered in tarps? Yep. It's also in fairness that all homeowners in the association pay their individual share of the cost to keep up the common areas like entrances and parks or playgrounds. Some offer ameneties such as pools, clubhouses or tennis. Some associations have more rules than others. Be sure to read through the condo or property owners association disclosures before you close on the sale of any home in an association. It's your legal right to see them and have time to read them (In VA, typically 5 days) before you close on the purchase. If using a charcoal grill is an everyday event for you and the condo association you are looking to buy in says: no charcoal grills, you may want to reconsider. Can you use an electric or gas one? Maybe your main mode of transportation is a motorcycle, does the association have rules against motorcycles after hours? This could be a problem. If you live in an area with an association, be thankful they are there upholding standards for all neighbors to meet, so that your home values and pride in your neighborhood can all stay high! Without one, your neighbors can do anything they want to thier own home and in the long run that may effect the value of yours.