It’s the great debate many homeowners or buyers face every day. The decision of whether or not to buy a home or condo that’s part of a homeowners association or condominium ownership association ultimately comes down to how much neighborhood and property maintenance you want taken care of “out of sight and out of mind” and how much you’re willing to pay for it.
We don’t take an official position for or against these associations as an Illinois real estate law firm, and we do not handle litigation for or against them on behalf of Illinois homeowners. Rather, we just want to inform the people of Illinois about factors that should influence their decisions.
PRO: Tedious Tasks and Maintenance is Built In
In most cases, neighborhood maintenance such as mowing shared lawns, upkeep of trees and shrubbery in shared spaces, and other common tasks like this are included in an HOA or COA agreement. Some associations even mow your actual property for you (but these generally have limitations for fenced-in yards).
You also may even be able to have certain external maintenance and paint touch-ups to your home included depending on where you live. Additionally, in Illinois, plowing common streets and even driveways is often included. This is ultimately the major benefit of being a part of a homeowner or condominium owner association.
CON: These Associations Are Often Costly
One of the most obvious issues is that buying real estate in Illinois isn’t “cheap” (nor is it just about anywhere in the United States these days). You already have a ton of costs associated with buying your land, living your life, and keeping up the parts of your property that are exclusively your responsibility.
Adding HOA or COA monthly or annual dues to the list is yet another expense. You have to decide whether or not the cost offsets the amount you’d have to pay to separately address what the association takes care of or not.
PRO: Additional Neighborhood Amenities
These associations often build clubhouses, pools, basketball/tennis/pickleball courts, and other popular amenities for the use of association members. This creates a common space for you, your family, and your neighbors to gather and spend time together or even just get a relaxing swim in on your own.
Overall, judging the monthly cost of the association vs. the amenities and maintenance provided is a surefire way to get actual value rather than paying a lot for less than what the neighborhood one zip code over is getting.
CON: Limiting Your Rights on Your Property
People often underestimate just how restrictive these associations can be. We’ve seen the news stories of the overzealous HOA president or board member who forced a neighbor to cut their grass because it was ever-so-slightly above the allowed height—but did you know many home or condo owner associations’ limitations also include:
- Limits on pet breed/size
- Restrictions on building fences on your own property
- Specific paint and paint shades permitted on external property (including the roof and siding of your own home)
- Number of cars and locations permitted for parking
- Ban on renting your property when you’re out of town or when you move
- Limits on holiday decorations
These and other limitations make the massive investment in a key piece of real estate less appealing and must be considered when buying property in Illinois.
Making Sound Illinois Real Estate Decisions
While our team does not handle litigation against these associations, we can help you find and secure Illinois real estate that checks all your boxes. Contact Velazquez Consumer Law, LLC, for all your real estate needs.
Velazquez Consumer Law
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- Should You Buy a Home or Condo That’s Part of an HOA or COA? - September 18, 2024
