Explained by One of the Best Real Estate Companies in Las Vegas
If you’re looking to buy or sell your home, or even if you’re the top realtor in Las Vegas, it’s always good to brush up on important real estate processes.
You can think of the purpose of an HOA as being similar to the purpose of government: it’s an authoritative entity that you pay for that imposes rules on you, but also protects you at the same time. And like the government, many people are happy with HOAs, and many don’t prefer the impositions.
Here are some pros and cons to HOAs:
- HOAs regulate the look of your home, which limits your freedom of how/when you prefer your home to be maintained.
- HOAs cost more, and these expenses are often factored into your mortgage payments. Falling behind in these payments can lead to foreclosure.
- Their roof, their rules. They might add restrictions that make it difficult to continue your lease, and it could reach a point where you’ll have to move at any time.
- Do you like community facilities, like pools, parks, tennis courts, gyms, and rec centers? The HOA maintains these so they are up to standard.
- HOAs often provide services that you would usually have to arrange and pay for yourself, like snow removal.
- You have the authority to call with complaints about your neighbors. They won’t act like the police and show up at your door, and for legal reasons, they’ll avoid getting too involved. But calling them might be some help in gaining control over not-so-neighborly situations.
Even though it seems like HOAs are very restrictive, this is to keep the community up to standard and maintain the value of your home. Look into the cost and benefits of HOAs and whether you can afford the expense right now. You might find your HOA beneficial!
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