Is A Neighborhood With An HOA For Me?
Joe Cline
March 29, 2010
When you are ready to buy a piece of real estate, its time to evaluate your needs and wants and separate your likes and dislikes. Your home will be one of the biggest investments of your life, so you want to be sure that you have done your homework and make the right decision. Single family homes and condominiums are the two front runners with most real estate buyers, and many people choose the condo for its easy maintenance. However, just as there are many benefits to condo life, there are also Home Owner's Association (HOA) rules and regulations to be observed. Which type of property is right for you?
1. Condo ownership typically costs less than the purchase of a single family home relative to size and location.
2. HOA regulations do not permit exterior unit reconfiguration and many of the interior alterations must get HOA approval.
3. The HOA is responsible for the upkeep of your property to include maintaining the units, common areas and parking structures. This is good news for the busy condo dweller, with no yard work or exterior upkeep to worry about. In addition, most of the interior repairs will be attended to by your association.
4. The HOA may enforce a pet policy to exclude animals or limit their residency by size, weight and the number of pets you wish to keep. Prospective buyers should have a written document on the HOA pet policy before entering into contract to buy the unit to ensure that all your beloved pets are welcomed.
5. Condo units do not afford the same privacy as a single family residence, with some units offering a patio, balcony or nothing at all for outdoor living spaces. Larger condo properties may contain a communal picnic or BBQ area that is available and covered by the HOA fees. However, many HOA fees do not cover the private use of the property's club house and will bill the resident for a private party.
6. Not every multi-story condo complex has an elevator. If you are considering a purchase on an upper floor, be sure you ask about an elevator or are ready, willing and able to carry your groceries up the stairs.
7. HOA companies may organize a community meeting to better serve their residents. This is an excellent platform for you to voice your opinions and suggestions to make your condo complex a pleasant place for everybody. Express your praise or concerns over maintenance calls, membership dues and fees, and anything else that might afford you a better quality of life. Your HOA is there to serve you, so be sure to provide them with quality resident feedback.
8. As compared to a single family home, the condo may be scant on storage space. Check with the manager for communal storage units which may be a garage locker or shed. The storage facilities are not always included in the HOA fees, so there may a nominal charge for their usage.
9. The condo unit will have at least one common wall, and some owners may feel their privacy is encroached upon. Residents must also obey the HOA regulations for noise abatement and apply courtesy to the neighbors.
10. The single family home offers a greater sense of freedom to do what you want, yet it demands a higher upkeep and budget for maintaining the property and its taxes. The condo is governed by the HOA, and although may seem intrusive at times, can relieve the economical burden on housing and provide its residents with a carefree lifstyle.
Joe Cline writes articles for Austin homes. Other articles written by the author related to Austin Texas real estate and Austin MLS can be found on the net.
1. Condo ownership typically costs less than the purchase of a single family home relative to size and location.
2. HOA regulations do not permit exterior unit reconfiguration and many of the interior alterations must get HOA approval.
3. The HOA is responsible for the upkeep of your property to include maintaining the units, common areas and parking structures. This is good news for the busy condo dweller, with no yard work or exterior upkeep to worry about. In addition, most of the interior repairs will be attended to by your association.
4. The HOA may enforce a pet policy to exclude animals or limit their residency by size, weight and the number of pets you wish to keep. Prospective buyers should have a written document on the HOA pet policy before entering into contract to buy the unit to ensure that all your beloved pets are welcomed.
5. Condo units do not afford the same privacy as a single family residence, with some units offering a patio, balcony or nothing at all for outdoor living spaces. Larger condo properties may contain a communal picnic or BBQ area that is available and covered by the HOA fees. However, many HOA fees do not cover the private use of the property's club house and will bill the resident for a private party.
6. Not every multi-story condo complex has an elevator. If you are considering a purchase on an upper floor, be sure you ask about an elevator or are ready, willing and able to carry your groceries up the stairs.
7. HOA companies may organize a community meeting to better serve their residents. This is an excellent platform for you to voice your opinions and suggestions to make your condo complex a pleasant place for everybody. Express your praise or concerns over maintenance calls, membership dues and fees, and anything else that might afford you a better quality of life. Your HOA is there to serve you, so be sure to provide them with quality resident feedback.
8. As compared to a single family home, the condo may be scant on storage space. Check with the manager for communal storage units which may be a garage locker or shed. The storage facilities are not always included in the HOA fees, so there may a nominal charge for their usage.
9. The condo unit will have at least one common wall, and some owners may feel their privacy is encroached upon. Residents must also obey the HOA regulations for noise abatement and apply courtesy to the neighbors.
10. The single family home offers a greater sense of freedom to do what you want, yet it demands a higher upkeep and budget for maintaining the property and its taxes. The condo is governed by the HOA, and although may seem intrusive at times, can relieve the economical burden on housing and provide its residents with a carefree lifstyle.
Joe Cline writes articles for Austin homes. Other articles written by the author related to Austin Texas real estate and Austin MLS can be found on the net.
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