Todd and Oana talk about the pros and cons of buying a home in an HOA community. There are many advantages and disadvantages of buying in an HOA. HOAs charge monthly fees and also have very strict guidelines, called CC&Rs, which limit the ability of the homeowner to do certain things such as rent the home out, have a barking dog, or even have a satellite dish.
HOAs can also punish homeowners who aren’t complying with the rules by fining them and even going as far as foreclosing on the homeowner and selling the home at the Trustee Sale. There are obviously many pros and cons of buying in an HOA and a prospective home buyer should be aware of these before they purchase.