What are HOAs? The initials HOA stand for Home Owners Association. One example of a home owners association is if you buy a new home you think you should paint ans say to yourself “Wow, this home would look good light yellow.” If the HOA in that neighborhood doesn’t like yellow, you may not have the right to paint your house any color of you choice.
You should investigate the HOA rules are prior to you buying any home. If the HOA can decide where you can park, what color of your homr, if you can put a deck on your home and possibly even the kind of animals you can have. So few people look into a HOA prior to purchasing their home. This is like purchasing a vehicle and checking out the fine print in the contract after you have put it in your garage. You can’t turn back time and change your mind about living there!
Now, you are thinking of selling your new home and you are the one stuck with a strict HOA or an HOA with really high fees, it can actually lower the value of your home. If two houses are gor sale and are similar in every way and one has an HOA due of $150 a month and the other home doesn’t have an HOA at all, the one with no HOA will sell faster and for more money, just for the freedom of to do with what you want with your property. So the saying “buyer beware” can and does apply when it comes to looking for homes that may have an HOA. For more information on Home Owners Associations please feel free to e-mail me or call us anytime.
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