There can be many perks to being a part of a Homeowners Association (HOA) (see our earlier post about hybrid housing here) but there can sometimes be a downside as evidenced by this news story from MSNBC:
Not just banks foreclose, the neighbors do too
Homeowners associations are throwing homeowners out, even for being 60 days late on fees
As such it is a good idea to read through the covenants, conditions and restrictions (CC&Rs) of any given HOA to know what is and isn’t allowed (and how to handle disputes) before buying a house.
You can also download our handy Home Buying Checklist here to take with you when touring potential homes.