Homeowner Associations - Why Buy There
I hate HOA's. I always have. I always will. However, others must love them because they are built. People buy.
Question:
What are the pros and cons of flipping in an HOA?
Most Popular Reply
In many newer areas around Dallas you can't avoid them. They are everywhere and in Texas, HOAs have quite a bit of power. For the most part though, they only have to approve exterior changes such as paint color, fences, roofing material. I have had no issues with the few flips I've done that have HOAs.
The cons can definitely being having to get approval and mostly the wait time. If you are ahead of the game the better. Ask for approval early, even if you do exterior paint last, ask for permission on day1. Also, they typically add an annual cost which buyers will watch for.
The only pro I can think of is the benefits of HOA such as pools etc. I did one in Carrollton, TX that had its own small golf course, pools, nice walking paths, camping area, stocked ponds. I didn't know it when I bought the house but that particular area was pertty well coveted because of all the benefits.
Watch for HOAs if you want to rent! Mine started limiting rentals in the area. Texas passed a law which limits HOAs a little, but they can still make it hard and expensive if you don't comply.