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10 March 2022

Homeowners Associations & Penticton Homes for Sale

There are many pros and cons to buying Penticton homes for sale in a homeowners association or strata. Depending on your lifestyle, living in a stratified community could be appealing. Retirees are the most common group to inhabit homes like these. An HOA can provide comfort, safety, and peace of mind for busy homeowners. Like anything, living in a community like this does come with an additional cost. Prices will vary based upon what's included with the fees and the location.  Read below to learn more about homeowners associations and Penticton homes for sale!

What is a Homeowners Association?

A homeowners association is a community of homes run by a private body. Usually, the real estate developer is in charge of the HOA, or a group of homeowners. Residents of the community are elected to enforce the rules in the subdivision. An HOA is in charge of managing, maintaining, marketing, and selling the houses.  

HOA Pros of Penticton Homes For Sale!

Living in a stratified home may be just what you’re looking for! Aesthetically, an HOA community will have a polished, cohesive appearance. Typically, there are rules and regulations that prevent overgrown yards, and poorly maintained exteriors. Moreover, homeowners living in these neighbourhoods must abide by the community paint colours and avoid parking any large vehicles in plain sight. In lieu of such stringent maintenance rules, residents will have all maintenance tasks completed on their behalf. This can include things like mowing the lawn, shoveling snow, painting fences, weeding, irrigation etc.

An HOA community often means you have access to additional amenities. Pools, tennis courts, gyms, parks, security systems, and more can be found in certain subdivisions. For many residents, this can come in handy, as you won’t need to go far from home to work out, swim, etc. In addition, homeowners living in a stratified community won’t need to worry about dealing with problematic neighbours. The HOA handles all disputes and conflicts. This way you can spend your time on more important matters. There are also rules in place for noise control after/before a certain hour to ensure you get a good night's rest. 

HOA Cons of Penticton Homes For Sale.

While there are many perks to living in a homeowners association, there are also a variety of cons. By choosing to live in a stratified home, you are revoking some freedoms. Once you make the decision to purchase a home in an HOA, you must agree to follow the rules and restrictions in place. Some associations allow residents to dispute and change rules, but it's rare they will alter without enough support. Your occupation could also affect whether you decide to move into an HOA. Many communities disallow long-term rentals, short-term rentals, and commercial business activity within the home. If any of these are a main source of income, speak with your agent and the head of the HOA before moving. 

Just like anything extra, living in a homeowners association means paying extra fees. These additional costs can vary from hundreds of dollars to thousands. It all depends on what services and amenities are included in the subdivision. As the cost rises, it usually means you’ll have further access to the facilities and resources available in your neighborhood. 

Being a part of a stratified community can be the perfect way to minimize stress and maximize the time you have to yourself. Weighing the pros and cons of living in an HOA is a great way to determine if this housing situation is right for you. To learn more about HOA’s and Penticton homes for sale, contact us today. We’d be happy to help you figure out if a homeowners association is best for your needs. Be sure to check out our social media, and feel free to reach out at any time!

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