817 17 5 LINKEDIN 5 COMMENTMORE

DENVER - Some people refuse to buy a home in a neighborhood that has a homeowners' association. Others say they can't live without one.

Realtor Wade Perry says not all HOAs are the same, and you have to examine the pros and cons.

PROS

Amenities: Pools, tennis courts, playgrounds, public gardens, club houses, etc.

Maintenance: Snow removal or lawn service

Property Value: Rules about keeping garage doors closed, cars in driveways, no signs in front yards, etc. help keep a neighborhood clean and well maintained. That, in turn, helps maintain property values.

Sense of Community: HOAs often organize events like easter egg hunts, Fourth of July parades and holiday parties.

CONS

Big Brother: Some people may feel like they are constantly being scrutinized or even discriminated against.

Cost: Dues can run as low as $100 a year to as high as $300 a month.

Rules: They may impinge on your lifestyle.

If you are considering buying a home in an HOA, Perry suggests you ask yourself the following questions:

  • Will I actually use the amenities I am paying for?
  • Can I afford it? You will need to budget for those monthly/yearly fees.
  • If there are extra fees/ assessments can I afford it? Review the HOA's financial reports. Find out if it has an emergency fund and how often have they had to dip into it.

(KUSA-TV © 2014 Multimedia Holdings Corporation)

817 17 5 LINKEDIN 5 COMMENTMORE
Read or Share this story: http://www.9news.com/story/money/personal-finance/real-estate/2014/04/18/homeowners-association-love-hate/7862591/