OK, “Pros" (plural) might be a little liberal in that title, let’s just say “Pro.” -- New Title: Pro and Cons of HOA Communities in Las Vegas.
Ah, the wonderful world of HOA’s. When working with buyers this is usually a topic of conversation. Overall, I’ve found that there is a LOVE/HATE relationship with homeowners/potential homeowners and HOA communities.
For a refresher of what HOA’s do and where the money goes, check out our previous BLOG.
But, we’re not here to talk about what they do or where the money goes, we’re here to tell you how to feel about them. Joking, of course.
ONE HUGE BENEFIT of HOA COMMUNITIES
“I LOVE my HOA!” ~Nobody Ever
While most are not thrilled with their HOA, due to a variety of reasons, I will make a case why HOAs are actually a good thing.
I was inspired to write this article when I was out and about one afternoon. I’m a real estate agent, so it’s not unusual for me to see a variety of communities on a daily basis.
I drove into a very nice community with no HOA. It was not gated, but very private and I could tell the majority of homeowners had pride in ownership. It’s a quality that is getting more and more rare, sadly, so when I see it, I take notice.
One homeowner had recently transformed the overall exterior of their home. It was beautifully finished with exterior stone accents, fresh greenery, updated paint tones, and even solar panels. Wow!
Another homeowner followed suite and gave their front landscaping a refreshed look.
And the homes where there were no new updates, the landscaping was manicured and the homes were definitely well-cared for.
Then I turn the corner …
… and I see a home that was being painted.
And one may say, “That’s great!”
But no. . . not great.
The home was being painted . . . yellow. . . bright yellow.
I’ll admit, I’m a fan of yellow. I love its bright nature and it brings me happiness. But, not on the exterior of a home, where the rest of the homes are neutral in color.
And at that moment, I thought, “Boy, I’m glad I live in an HOA Community so I would never have to look at that every day.”
Because, in an HOA Community, when a homeowner wants to paint their home, the colors are typically approved by the HOA Board, or there is a pallet of approved colors to choose from. Never, would a homeowner be allowed to paint their home bright yellow,
or any obtrusive color, in an HOA Community.
Now, there are some who would argue that they hate the fact that they are required to get approval from the HOA on improvements, additions, or changes to their home before they could initiate that project.
And yes, it is a pain, something that I dislike myself. But it is a pain that prevents your neighbor’s odd sense of style from affecting your property value.
And yes, the homes of the surrounding neighbors just decreased in desirability. From an appraiser’s point of view, perhaps the value doesn’t decrease, but should a neighbor list their home for sale, that yellow house next door or across the street
is certainly a negative where a potential buyer may choose a different home over theirs, even though the neighbor’s home fits that buyer’s ideal requirements.
Surrounding homes for sale have a real possibility of longer days on market or having price decreases to motivate buyers.
NOT ALL NON-HOA COMMUNITIES ARE BAD
To be clear, I don’t have a vendetta against non-HOA Communities. There are certainly a number of gorgeous neighborhoods within our Las Vegas Valley that do not have HOA’s and the owners are oozing with pride in ownership.
After all, the community I was referring to above, was a gorgeous neighborhood, and still is (for the most part).
I can name handfuls of neighborhoods in the Northwest, and really all parts of town, that are beautiful and do not have the restraints of an HOA. It’s a gem when you find one of those neighborhoods.
But, my point is, that it just takes one homeowner, on one day, to act on a bad dream they had the night before.
And the next thing you know, your house is next door to the “Neighborhood Spectacle” and not in a good way.