You might have to pay for one if you rent a condo or single-family home.
HOA is an acronym that stands for “Home Owners Association.” This is an organization in a housing community that makes and enforces rules about the appearance and maintenance of properties and that maintains common areas (clubhouses, tennis courts, pools, etc.) with money from membership fees.
Nearly all private neighborhoods and gated communities have an HOA. Of course, many apartment complexes have HOAs as well.
Do all apartments have an HOA?
The simple answer is no.
Anyone who purchases or leases an apartment that’s part of an HOA will be required to pay the fees to remain apart of the HOA. Usually, you can’t choose whether or not you want to be apart of the HOA because if the apartment is already apart of the HOA, its tenant must be, as well. You should take that into consideration when applying for an apartment that has an HOA.
Pros of an HOA
- Community areas that you can use to your advantage (gym, pool, restaurant, clubhouse, etc.)
- You have a say in what goes on in your community
- Guidelines often keep the appearance of homes and landscape clean and well-maintained
Cons of an HOA
- Can be expensive
- Specific rules
- You might not agree with all the regulations
Do I want to live in an apartment complex that’s apart of an HOA?
That’s totally up to you. As always, weigh the pros with the cons and decide the type of apartment you want to live in. If you think you’d enjoy having a clubhouse or a gym or a guard gate, then maybe the fees are worth it to you.
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