At the simplest level, an HOA is an organization that makes and enforces rules about properties in a community. Common for condominiums, townhouses, and planned neighborhoods, they usually operate with the goal of preserving property values and generally improving the living experience for everyone involved. However, they don’t come without some potential disadvantages. A real estate lawyer in Ashburn, VA, can help you understand your specific HOA, but here are a few benefits and drawbacks to consider:
Added Value — Since HOAs essentially exist to keep property values high, they are a tremendous benefit for those willing to trade fewer freedoms for long-term financial gain.
Involuntary Enrollment — Unfortunately, HOAs tend not to be optional, as that would defeat the point of the organization. When you purchase property in a community governed by one, you usually agree to abide by its rules.
Dispute Resolution — One resource that can be both a positive and negative aspect of an HOA is its ability to resolve disputes. People living together inevitably come into conflict, and the organization’s rules often provide clear-cut answers to any issues that might arise. While this cuts down on ambiguity, it also has the potential to leave you without options to pursue your side of an argument. However, being a part of the HOA means that you might be able to influence the rules through a fair process if you feel that they don’t contribute to the good of the community.