Are you considering buying a Florida home in a neighborhood with a Homeowners Association? Living in a community with an HOA has its advantages and disadvantages, so it pays to do some research first to see if the neighborhood is a good fit for your lifestyle. These are some things to consider before making your decision.
What is a Homeowner’s Association?
An HOA is an organization that looks after the maintenance and management of a particular community. The community could be a condo building, gated community, resort or townhouse development.
The board of directors for an HOA sets rules and regulations for that community. Homeowners in the community pay monthly or annual fees to the HOA to facilitate the maintenance and management, and they must comply with the HOA rules.
The main goals of an HOA are to ensure the community is safe, aesthetically pleasing and offers a high quality of life for the residents. Therefore, they may implement rules about noise levels, pet ownership, or aesthetics such as landscaping, building extensions or exterior design elements.
Pros of Living in a Community With An HOA
There are many benefits to having an HOA to oversee things in your community. These are a few of the advantages.
Safety
Many homeowners associations provide security for their residents. This could be in the form of a gatepost with security guards, night watchmen, security cameras or all of the above. The HOA may have strict rules about who can enter the property and do their due diligence in checking anyone that enters the property. This can offer great peace of mind.
Low Maintenance Living
When you live in a community with an HOA, you won’t have to worry about maintenance the same way you would in a detached single-family home. The HOA will typically clean common areas such as gardens, pools and courtyards and ensure everything is functioning properly. Some will also take care of additional maintenance such as lawn care and roof repairs.
Access to Amenities
Communities with HOAs often have shared amenities such as swimming pools, fitness rooms, rooftop patios, walking trails or boat docks. Depending on how elaborate the property is, you may have access to additional amenities like golf courses, clubhouses, restaurants, shops and conference rooms.
Cons of Living in a Community With An HOA
While there are many benefits to being part of a HOA, some people find that the disadvantages outweigh the advantages.
Restrictions
Part of the fun of owning a new home is getting to customize it the way you want and doing whatever you like in the privacy of your own space. Most HOAs have rules about what you can do with your home, from the color of the exterior paint to the size of new additions, times guests can visit and more. If you value having full freedom over your domain, an HOA may not be for you.
HOA Fees
As a member of an HOA, you must pay fees that go towards management and maintenance of the community. The fee structures are different for every community, but most are paid either monthly or annually. Be sure to check the fees for your community and factor those into your budget. Be aware that some properties will command higher fees than others.
Mismanagement
Although many HOAs are well-governed and transparent about where your fees are going, others may not be as competent. There have been cases where HOAs mismanaged the community, came up short on funds or even faced lawsuits. If you’re worried about the integrity of your HOA, it helps to ask other people in the community what their thoughts are.
Are you interested in buying a Florida home in a gated community or a neighborhood with an HOA? We can help with all your Florida real estate needs including residential and commercial sales, leasing, purchases and full service property management. Contact us here or call our Central Florida office at 407-656-7814 or South Florida office at 954-760-5885 to speak to one of our Florida real estate experts today!
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