You are using an older browser version. Please use a supported version for the best MSN experience.

10 Common HOA Restrictions You Need to Know Before You Buy

By Robert Bruce of Money Talks News | Slide 1 of 14: Editor's Note: This story originally appeared on The Penny Hoarder. If you’ve never owned a home or lived in a neighborhood or condominium, you may not even think about the homeowners association (HOA) before you make that first purchase. But don’t be caught off guard by HOA rules and fees, which can be sizable and, sometimes, unexpected. What an HOA could cost you is a significant financial factor to think about before taking on a mortgage payment. As of 2022, 53% of all homeowners in the U.S. live in an HOA community, according to iPropertyManagement. The average monthly HOA membership fee is $250 for a single-family home, with roughly 4,000 new homeowners associations forming every year.  But it’s not just the HOA fees that surprise some first-time homebuyers. HOAs can also have quite a few rules and regulations regarding your home’s appearance, what you store on your property and so on. Following those rules — like having a specific mailbox — can add up. So what should you know about common HOA rules before you move in? First off, let’s cover the basics. It’s not the usual blah, blah, blah. Click here to sign up for our free newsletter. Sponsored: Add $1.7 million to your retirement A recent Vanguard study revealed a self-managed $500,000 investment grows into an average $1.7 million in 25 years. But under the care of a pro, the average is $3.4 million. That’s an extra $1.7 million! Maybe that’s why the wealthy use investment pros and why you should too. How? With SmartAsset’s free  financial adviser matching tool. In five minutes you’ll have up to three qualified local pros, each legally required to act in your best interests. Most offer free first consultations. What have you got to lose? Click here to check it out right now.

10 Common HOA Restrictions You Need to Know Before You Buy

Editor's Note: This story originally appeared on The Penny Hoarder.

If you’ve never owned a home or lived in a neighborhood or condominium, you may not even think about the homeowners association (HOA) before you make that first purchase.

But don’t be caught off guard by HOA rules and fees, which can be sizable and, sometimes, unexpected. What an HOA could cost you is a significant financial factor to think about before taking on a mortgage payment.

As of 2022, 53% of all homeowners in the U.S. live in an HOA community, according to iPropertyManagement. The average monthly HOA membership fee is $250 for a single-family home, with roughly 4,000 new homeowners associations forming every year.

But it’s not just the HOA fees that surprise some first-time homebuyers. HOAs can also have quite a few rules and regulations regarding your home’s appearance, what you store on your property and so on. Following those rules — like having a specific mailbox — can add up.

So what should you know about common HOA rules before you move in?

First off, let’s cover the basics.

It’s not the usual blah, blah, blah. Click here to sign up for our free newsletter.

Sponsored: Add $1.7 million to your retirement

A recent Vanguard study revealed a self-managed $500,000 investment grows into an average $1.7 million in 25 years. But under the care of a pro, the average is $3.4 million. That’s an extra $1.7 million!

Maybe that’s why the wealthy use investment pros and why you should too. How? With SmartAsset’s free financial adviser matching tool. In five minutes you’ll have up to three qualified local pros, each legally required to act in your best interests. Most offer free first consultations. What have you got to lose? Click here to check it out right now.

© Krakenimages.com / Shutterstock.com
Loading...

XD Load Error

AdChoices
image beaconimage beaconimage beacon