Homeowner Associations (HOAs) can be both a significant advantage and, at the same time, a hindrance when owning a property. Homeowner Associations in Edmonton enforce rules and regulations in a living community, generally in planned developments like condos and townhouses. If you purchase your home in a community with an HOA, you are agreeing to their terms and fees, which can be subject to change. There are many great things about HOAs, and many tenants love living in a place that fosters a sense of community and connectivity. They aren’t for everyone, though! Here are some pros and cons of living in a community with an HOA.
Pros:
Community Amenities
HOAs usually offer shared amenities like fitness centres, swimming pools, and entertainment areas. Although you pay fees to enjoy these perks, the convenience of having a gym or pool just a few steps away is usually worth it for residents.
Reduced responsibilities
One benefit of living in a community with an HOA is that you don’t need to worry about many things. Snow removal, lawn maintenance, and upkeep of common areas are a few chores you will not have to be responsible for. For many people, these tasks are a burden of homeownership, so by passing the torch to the HOA, you can rest assured knowing your curb appeal will be taken care of.
Conflict resolution
Homeowner Associations in Edmonton can help you resolve conflict or disagreements with neighbours. If you live beside someone who doesn’t abide by the quiet hours, or you notice someone in the community is causing trouble, you can talk to your HOA about the problem at hand, and they will advocate on your behalf with the added benefit of having the power to enact consequences on your neighbour if they fail to comply going forward.
Cons:
Fees
Homeowner associations need money to operate efficiently, and they get this money from you, the homeowner! Fees will differ based on developments, locations, square footage, and what they offer. If you go onto REALTOR.ca, you should be able to see the HOA fees included in the property listing, so make sure you’re looking at this information. You should also ask the HOA how often they have increased costs in the past and by how much; your REALTOR® may be able to get their hands on a documented copy of
Non-negotiable guidelines
Homeowner Associations in Edmonton almost always have restrictions and guidelines in place for homeowners. Things like how tenants can paint their houses, where cars are parked, or whether an owner can rent or air Airbnb their home are all subject to the guidelines; typically, these are non-negotiable. Of course, you generally are aware of these rules when you buy your home, so the restrictions aren’t surprising, but they can still be frustrating!
The possibility of poor management
As a buyer or tenant in a community with an HOA, you have the opportunity to attend board meetings to stay up-to-date with what is happening in your area. Unfortunately, not all HOAs have great governance; in fact, some have really poor management. Owners get a say in how the HOA operates, the rules, and how rules are enforced, so it’s important that when you join an HOA community, you know your rights and are an active participant in the decisions being made.
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