If you are a homebuyer with a pet, a child, or a knack for not being perfectly spotless 24/7, moving into a neighborhood with a homeowner's association could cause you some grief.  I had written a post on factors a homebuyer should consider before buying into a homeowner's association.

A recent article from the Washington Post,"Buyer Beware-Of the Association" is a great additional resource for homebuyers who are considering purchasing a house with an association.  One great tip is to ask for meeting minutes and to ask if the association has a financial reserve.

You will want to make sure the association has a reserve fund for future projects.  If they don't you could expect to see an increase in your assessments because the association isn't properly budgeting for future costs.

If you decide to buy a house in a neighborhood ruled by a homeowner's association, get involved.  Attend association meetings and voice your opinion. 

If you consider buying a house with a homeowner's association- get informed.  Read the convenants, restrictions and conditions that you receive from the Sellers.  Review the rules and regulations andmake sure that you can live with the terms.

Consult a local real estate professional for advice about the subdivisions you are considering. 

If you are an informed and active homebuyer, you will protect your real estate investment and ensure the lifestyle that you desire is attainable within the neighborhood you are looking to purchase a house in.

Posted by Rebecca D. Levinson

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