If you live in a condo, coop or townhome, chances are that every month, in addition to your mortgage payment you write one extra check — to your homeowners association. HOAs provide many benefits to their communities, from maintaining common areas and amenities in or around properties to helping preserve property values (to an extent) and creating a sense of community through local events and entertainment. But with their often strict rules and ever increasing fees, they aren’t universally loved — so to speak. The number of HOAs nationwide has increased 30 times since the 1970s, as has the number of residents who belong (and pay dues) to an HOA. In this infographic, we give you the pros and cons of living in a property that falls within an HOA: make sure you have a clear understanding of the costs and benefits involved before you buy in.
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