Pros and Cons Homeowners Associations
TOM: If you’re looking for a condo, townhouse, apartment, or even a home, you may encounter communities that require membership in a homeowner’s association, along with big fees. Here are the pros and cons: homeowners associations. Hi, I’m Tom Kraeutler.
LESLIE: And I’m Leslie Segrete with today’s Money Pit home improvement minute. Living in a property with a homeowner’s association has its pros and cons. It all comes down to your personality, preference, and the quality of homeowner’s associations’ management and board of trustees.
TOM: Association rules vary, and so do their fees. But the pluses you get include a tidy community appearance, low maintenance, recreational amenities, and reduced homeowner’s insurance costs.
LESLIE: The downside can include less control over how you present and use your home. You could also end up paying high rates to maintain amenities that you don’t use, like playgrounds or pools. So it’s important to research rules and fees carefully before you buy. Those are the pros and cons of homeowner’s associations. I’m Leslie Segrete.
TOM: And I’m Tom Kraeutler. For more Money Pit home improvement tips, visit moneypit.com.