HOA 101: Your Key to Stress-Free Homeownership

You may see stories online warning buyers to never live with an HOA, stories that revolve around dictating what color you can paint the exterior of your house, or when you can put up Christmas lights. While these may be anxiety inducing, they don’t apply to the majority of HOA communities, namely condos and coops!

In reality, HOA’s save first time homebuyers money over single ownership, and protect your newest asset.

While in single family ownership the cost of repairs is the owners sole responsibility, HOA communities have on site property managers to coordinate repairs and budget the cost of maintenance into the monthly HOA fee. So when the unpredictable happens, it doesn’t cost you an arm and a leg – it can cost you hardly anything at all.

HOA’s also include the cost of utilities into the monthly budget. Not only does this mean that the HOA fee you sign up for when you purchase your condo stay the same month to month, but utilities are included in your monthly mortgage. In a single family home, utilities are not budgeted into the monthly cost of the home, but are in addition to it. 

Many HOA communities are in Seattle’s most walkable neighborhoods, and include some spectacular amenities, such as rooftop decks, dog runs, pools, office spaces, and clubhouses. The HOA maintains all of these for homeowners  Not only are many of these amenities not found outside of an HOA community, the maintenance of them would be out of budget for many single family homeowners. 

The HOA covers insurance for common areas such as sidewalks and roads, which reduces liability to the homeowner, and also provide legal support for homeowners. Community issues such as zoning laws and property rights are addressed by the HOA, saving homeowners from having to address these individually. 

One of the greatest benefits to homeowners are the predictable monthly fees, and the HOA reserve funds that are held for future improvements and emergency repairs. These ensure long term health for the home, and protect the greatest asset, as well as saving homeowners from sudden financial burdens! 

Having an HOA can provide peace of mind for your first home, with less responsibility for property upkeep, and keeping first time buyers on a monthly budget they can truly afford. Many HOA communities offer homeowners more secure living, while keeping them in their preferred community.  

Of course, the best way to ensure the HOA you may be investing in is sound, is to review the Reserve Study and Restrictions before you purchase. This is a crucial part of the buying process, to make sure your living community is protecting your new asset, and that the rules are a match for you. With the help of a trusted real estate broker, these questions are easy to provide answers to! If you want to learn more about HOA living in Seattle, reach out to me anytime.