Do I want a property with an HOA?
There are pros and cons of Home Owner Associations, or HOA’s.
Some “Pros” are every house has to follow the guidelines, lawns will stay manicures, trash cans are hidden, and some even have recreation centers / pools that are available to residents.
Some of the “Cons” are fines. They will implement fines to residents who are in violation of the HOA rules, you have to have approval before making changes to the exterior of the property, colors have to approved, etc.
HOA are normally very good at doing drive-by inspections, and will write formal letters if a violation is found. We have many properties under HOA’s and we receive notices about the lawn needing trimming most often. Other times the garbage cans are in view of the street.
If you are interested in renting a house or purchasing an investment property in a HOA neighborhood, make sure to read the regulations that the HOA has.