HOAs are just a tool that developers use to turn buyers into renters into perpetuity. They're a classic take on American Property Law.
I was looking at a house in East Houston that was selling for a fairly modest $250k (in a neighborhood where $300k+ was normal). The only catch was the $600/mo neighborhood association fee. The neighborhood association's entire job was to maintain this skinny little fence that ran around the property of six units, on a strip of land that was still owned by the developer.
HOAs are just a tool that developers use to turn buyers into renters into perpetuity. They're a classic take on American Property Law.
I was looking at a house in East Houston that was selling for a fairly modest $250k (in a neighborhood where $300k+ was normal). The only catch was the $600/mo neighborhood association fee. The neighborhood association's entire job was to maintain this skinny little fence that ran around the property of six units, on a strip of land that was still owned by the developer.