There are many myths about homeowners’ associations (HOAs). Some people think that HOAs are a waste of time and money, while others believe they are the only way to keep a neighborhood in order.
HOAs have plenty of benefits, along with some drawbacks. This article will look at both to help you decide if one is suitable for your community.
The good and the bad about HOAs
There are many benefits to having an HOA. They can:
- Help maintain common areas such as playgrounds, pools, and parks
- Provide guidelines about noise levels and other nuisances can create a more peaceful and pleasant living environment
- Provide a sense of camaraderie and community involvement opportunities that might be lacking in other neighborhoods, such as cookouts or holiday events
- Guide you in handling disputes between homeowners
However, some people feel there are many negatives to an HOA. They can be expensive with monthly or yearly dues and special assessments for major repairs or renovations.
HOAs can be very strict about enforcing their rules and regulations, which can often lead to conflict between neighbors, and in some cases, may even result in legal action.
If you are considering starting an HOA, it’s vital to understand that it can be a complex process. You should seek professional advice to ensure that you cover all the legalities in creating bylaws and a governing document. By working with an experienced professional, you can avoid costly mistakes and ensure your HOA runs smoothly.