What is an HOA? Pros and Cons for Boston Buyers

What is an HOA? Pros and Cons for Boston Buyers

If you're looking at condos in Somerville or Back Bay, you will likely deal with a Homeowners Association (HOA). It's important to know what you're signing up for.

The Trade-Off

• Pros: Shared costs for expensive items like roof repairs and snow removal; consistent neighborhood aesthetic; amenities like gyms or concierge.
• Cons: Monthly fees that can increase; rules on pet sizes or rental restrictions; the 'politics' of a condo board.

The Financial Checklist

Always review the Reserve Study. You want to make sure the HOA has enough money saved so they don't hit you with a 'Special Assessment' (a surprise large bill) later.

[[CTA]] Found a condo you love? Let me help you vet the HOA documents before you commit.