The city of Buckeye had grabbed the title of the fastest-growing city in the United States for two consecutive years. Despite the title, the cost of living in Buckeye is only 4% higher than the national median. This makes the city a very attractive residential prospect for families.
With an average house price of $470,000 and multiple homes for sale in Buckeye with no HOA, the city is also a great investment option for real estate investors.
The presence of an HOA (Homeowner’s Association) may or may not be an ideal scenario for all property owners. This post will explain to you various aspects of properties and associated HOA.
What Exactly Is HOA?
An HOA is a formalized legal organization that sets and upholds rules for the homes and residents in specific subdivisions and planned communities. You will, by default, join a HOA if you purchase a property in a Buckeye neighborhood with one, and you will have to pay regular dues to cover expenses like maintaining common facilities. The degree of restrictiveness and the range of things under HOA regulation varies greatly.
What Are the Disadvantages of Properties with Hoa for Real Estate Investors?
Additional Cost: A Buckeye neighborhood association has costs associated with it. Depending on the particular amenities the association offers, the costs can vary. Homeowners may be charged additional fees that, if unpaid, could result in a lien being placed on their property if an unforeseen expense emerges or the administration fails to allocate adequate reserves.
Restrictions on Running Business: For any investor, the thought of business is a great prospect, and any authority that stands in the way of the prospect would mean a no-deal. Many Buckeye housing associations impose restrictions on types of business that can be carried out on their premises.
Renting Out Restrictions: Many household associations do not allow renting out properties that fall under their legal purview.
To maintain the integrity of the residential complex, Buckeye homeowner associations impose strict restrictions on renting out the property. This can be disastrous for investors planning to use the newly invested property as a source of income in the form of rent.
Hence, for investors planning to rent out their real estate assets, it would be ideal to seek homes for sale in Buckeye with no HOA.
Home Remodeling and Parking Regulations: The thought of being told how to style the outside of their Buckeye property, what paint they can use, or that they cannot park their motors near home in the driveway doesn’t sit well with many buyers.
After all, it is your house, and regardless of how many advantages it might have, some individuals don’t enjoy the thought of residing within certain limits.
Real estate investment in Buckeye can be a worthwhile opportunity. To extract the maximum out of your immovable assets, you can opt for properties that do not fall under any house owner association.
You can speak to a trusted local real estate agent, and they will help you find beautiful properties which fit your bill and do not restrict your freedom.