HOAs and COAs have continued to grow in the U.S. since their introduction in the late ‘60s. Nowadays, they represent more than 50% of American homeowners and are projected to grow by 1.3% over the next year.
Association-managed communities offer unique benefits like board-enforced rules, community upkeep, and a more active voice from the community members. However, ask people about their opinions on living in an HOA, and you’ll typically get a down-the-middle split of either approval or disapproval. While some experiences aren’t great, the original intentions of HOAs were good. The experience can be very different from one community to the next, depending on how well the community is maintained.
Before closing on a home in an HOA, you should understand the roots of their existence and how it alters the homeownership experience. Working with your title agent to request the proper information will help you make your decision.