Pros and cons of buying a home that’s part of an HOA, continued

Category: Home purchase

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If you’re somewhat unfamiliar with HOAs and you’re still on the fence, weigh both the pros and cons to determine if a home with an HOA is right for you:

The HOA regulates many, many things

You’d assume that as the homeowner, you’re in complete control of how your home exterior will look. But if you’re part of an HOA, you’ll often need to get permission if you plan to do anything out of the norm. Most HOAs will regulate the homes’ landscaping, which includes everything from hedges, lawns, gardens, and even exterior paint colors. They can also regulate other things, such as sheds, swing sets, outdoor lighting, satellite dishes, parking, and the list can go on and on. You’ll also have to consider other things, such as whether you plan on renting out your home. Depending on local laws and your specific HOA, you might have to get approval from them, prior to a tenant moving in.

You can be fined when you don’t comply

If you don’t follow the rules that the HOA has set in place, you’ll likely be required to pay a fine for each violation.

You can lose your home

Whether you’re facing a lot of fines that you can’t pay or you’ve been unable to pay with the added expense of monthly HOA fees, you face the possibility of property liens, or losing your home to eviction or foreclosure.

Do you need cash to buy a home? If you’re in need of extra money for your down payment in order to qualify for a mortgage, Peachtree Financial Solutions may be able to help. If you’re receiving structured settlement or annuity payments, we can purchase some or all of them and provide you with a lump sum of cash now. Contact Peachtree Financial Solutions today for more information on how you can sell your payments and for your free quote.

 

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Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.

Tags: foreclosure, homeowners association, monthly expenses, monthly payments, property liens, property maintenance

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