When you are looking for homes, do you ever consider whether or not the neighborhood has an HOA (Homeowner’s Association) or not as a factor that has a bearing on your decision? If not, there is a reason to start. While HOA’s are generally considered to be there to improve the quality of life for the residents in the neighborhood, this is not always the case. For example, some HOA’s have very restrictive bylaws when it comes to what homeowners can do to their home, gardens, and even the colors they choose for their exterior. To find out exactly what the bylaws of the local HOA outline, you might want to make sure that you get access to a copy before you move further with the deal.
It might even be a good idea to discreetly check with the neighbors how they feel about the HOA. In some extreme cases, HOA’s have the power to put homes into foreclosure if the owner hasn’t been paying their HOA dues. If there appear to be a lot of foreclosures in the neighborhood for no apparent reason, you might want to see what the cause is.