A Homeowner’s Association (HOA) is “an organization in a subdivision, planned community, or condominium building that makes and enforces rules for the properties and residents.” (Investopedia)
How do you join an HOA? If you rent or buy a property that’s part of an HOA, you become a member automatically!
HOAs are run by dues, which are usually paid monthly or annually. The amount can vary as the benefits are different for each HOA, but according to LendingTree, the average dues are $3500 annually, or $291 monthly.
A few examples of what an HOA offers:
Each HOA has its own rules and regulations, which Associa states could include the following:
LendingTree also notes that HOAs can help maintain home value. “Those strict HOA rules can lead to a lot of nice curb appeal.”
LendingTree goes on to say that 57% of HOA members say it has made their lives easier and 63% say they’re priced fairly for the benefits received.
On the flip side, of those who believe their HOA is too expensive, 43% report that the HOA has made their life harder.
Some example violations include:
So, should you choose a home inside of an HOA? That’s up to you! It’s worth reviewing the cost and regulations of an HOA before purchasing or renting a property that’s part of one. It’s a personal choice!
Looking to buy or sell in Central PA? We can help! Give us a call or text at (717) 371-0557!
Your Friends in Real Estate, Jason Burkholder Real Estate Team
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Jason Burkholder
Kelly Burkholder
Adam High
Jaci Hoosier
717-371-0557 direct or text
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