If you’re okay with an HOA’s rules, they could be a great option for you.
In Maricopa County, 60% of the neighborhoods are governed by a homeowners association, or HOA. When you’re considering living in a neighborhood, is it better to be part of an HOA or not? Today I’ll go over the pros and cons of HOAs to help you make an informed decision for yourself.
HOAs maintain parks, workout facilities, pools, etc. to keep the neighborhood looking nice. However, this means that there are rules for what you can and cannot do to your property. An HOA home may not be for you if you want to paint your house green or work on cars in the driveway, for example. Rules vary from association to association.
When you’re applying for a mortgage, keep in mind that the HOA fee will factor into your cost of living and your debt-to-income ratio. Check how high the HOA fees are in the neighborhoods you’re looking at and find out what you get for that money before committing to an area.
If you’d like information on HOAs or if you have any other questions, give me a call at (602) 739-5060. I look forward to hearing from you.