Should You Consider a Home in Neighborhood With a Homeowner's Association? | Trusted American Mortgage

2021 was certainly a crazy year for many of us. As we step further into 2022, many people have seen the need for a change of scenery, and we don’t blame them!

If you are looking for a new home this year, our team at Trust American Mortgage is here to lend a helping hand. One of the things you might want to consider when on the house hunt is whether you want to purchase a home in a neighborhood with a homeowner’s association, often called an HOA.

According to the National Association of Realtors, approximately 73.9 million people living in the United States reside in a community with a homeowner’s association or condominium board. Investopedia defines an HOA as a private organization that consists of members of a community.

There are many pros that can come with living in a community with an HOA. However, not all HOAs are the same. Therefore, you want to make sure you understand the rules associated with the HOA of your home’s community before officially saying yes to your new home.

Community Engagement

Do you wish you could go back in time to living in a community where the neighbors let you borrow sugar and the kids play until the sun goes down? You may be able to get close to that when living in a community with an HOA.

There tends to be an increase in community engagement when there is an HOA.

Well-maintained Homes

Are you worried about your property value decreasing due to a neighbor using his or her yard to house broken-down vehicles? You don’t have to worry about this when living in an HOA.

An HOA tends to live by the phrase, “If the neighborhood looks good, the community feels good.” There are usually very specific rules around maintaining the curb appeal of your home.

In some HOAs, manicured lawns and clean play areas are cared for under the fees associated with the HOA. As a result, some of the yard work may be taken care for you!

And Much More

Other benefits of living in an HOA community include:

  • Higher property value
  • Community connection
  • Financial stability
  • Decreased nuisance activity
  • Support of the neighborhood

If you have never lived in an HOA community, now might be the time to consider looking at some houses that are associated with an HOA to see the positive difference it could make in your family’s life.

Our experts at Trusted American Mortgage are dedicated to helping you find the right funding for your home purchase and walking with you every step of the process. Call us today and get a partner in the mortgage business!