Real Estate Innovation

Understanding The Homeowners Association Community - Real Estate Investor’s Guide

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The Real Estate Investor’s Guide To Understanding The Homeowners Association Community - by Omar Johnson

Investment property comes in all shapes and sizes, but what happens when it comes within an HOA community? HOA communities are neighborhoods regulated by a Home Owners Association. The organization is run by members of the community who enforce the neighborhoods rules.

The nice thing about HOAs is they serve as a watchdog for the community and thus your property. They make sure lawns are mowed and trash cans aren’t left on the curb. But with the pros come the cons, such as laws that may be more restrictive then you as an investor care to worry about. Here is a quick breakdown of some reasons why HOAs are nice to be involved with.

Pros
1)HOAs provide an additional way to monitor your investment property.
2)Neighbors to your investment property are also monitored. You won’t have to worry about cars on blocks and trash piles popping up around the neighborhood thus driving down the equity of your investment.
3)The majority of HOAs have regulations regarding home elevations and changing them. This makes it harder for other homeowners in the community to change the exterior of their house to a distasteful color.
4)Some HOA communities come with amenities such as pools, ponds, walking paths, parks, club houses, fitness centers, and other attractions.
5)HOAs can foster a sense of community which you can use to your advantage when finding that perfect tenant to fill your investment property.

Of course, HOAs are like a double-edged sword. They come with rules for both your tenant and the neighbors to follow. When you have an investment property in an HOA community, you have to worry about your tenant complying with these rules…

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