Home » Uncategorized » Currently Reading:

What Are the Pros and Cons of an HOA

June 1, 2011 by Contributor filed under Uncategorized No Comments
Doug Frank Photo

Dear Doug: What are the pros and cons (and hidden costs, if any) of buying a home in a subdivision or area that has architectural standards and homeowners dues (versus many older neighborhoods that do not have these)? KR

Dear KR,

I get comments on that question a lot. The “pros” of having an HOA- Home Owner Association- are that it helps keep the neighborhood consistent in appearance. The HOA’s have rules that vary considerably. They also vary in the way they are enforced or not enforced. Some have rules governing exterior paint colors, storm door styles, front fence rules, lawn height rules, flag rules, basketball hoops in driveway rules, no commercial vehicle parking rules, and on and on. This does help keep the neighborhood in good shape and consistent in appearance, which in turn can help the resale of the homes. On the other hand, some people can not stand being told what colors they can paint their doors, or the front of their houses. And, if their favorite team is playing, they want to fly that team’s flag. Can’t do that in a strict HOA. Can’t have the plumbing company truck you drive parked in your driveway, either. So, HOA’s do take away some personal choices,but chances are very good that your neighbor won’t be painting his home pink anytime soon, devaluing your property!

Overall, most people seem to like the HOA idea, when written and enforced in moderation. The rules tend to protect the good of the whole. Of course, when buying a home, you have to ask yourself if you can live by the rules of the HOA of any particular neighborhood that you are considering.

One final point; when you make an offer on a home in an HOA and it is accepted–you have certain rights. Your purchase is contingent on you getting a copy of the HOA rules and regs, and your acceptance, before you complete the purchase. You’lll be delivered the HOA package (same as with a condo doc package), prior to settlement. You then have three days to kill the deal and get your deposit back if you don’t like the rules. You don’t even have to explain why. Good luck!

Dear Doug:I’ve had a rental property for a number of years and have claimed depreciation for taxes. If I sell it, do I have to pay that back? EM

Dear EM,

That depends. The answer, in most cases, is yes.The IRS will “recapture” the depreciation that you took on the rental property when you sell it, and, that will be at a different rate than the capital gains tax which is currently 15 percent. I say “it depends,” because you could sell your rental property using a 1031 Starker Exchange, and take the proceeds, place them with a “qualified intermediary”, and then buy another rental property. You would not have to pay any taxes at that time. You would be basically trading a house for a “like kind” property, and delay paying taxes, and delay paying any recapture of the depreciation that you took. To take it one step further, after a year or more renting it out, you could move in it, convert it to your primary residence, and not pay any capital gains tax for up to a $250,000 gain–or a $500,000 gain, if married. However-the bottom line answer is: I know enough about tax strategies to be dangerous, so consult a tax adviser. Ask me about bricks and mortar, and values and “comps”. I know enough to know that I don’t know enough to advise you. So, please consult a tax adviser..then call me when you need to do that 1031 Tax-deferred exchange, and find a “like kind” replacement property!

Douglas Frank holds a BA degree in English from Rutgers University and is a licensed realtor with over 20 years experience. Doug works with Prudential Carruthers Realtors in Fairfax, Virginia. He also has his Home Improvement License and owns a number of investment properties including houses, townhomes, and condos . Doug and his wife and two sons live in Fairfax, Virginia. (Opinions expressed here are … only opinion!)

Comment on this article


By commenting, you agree to abide by our Terms of Service.


 

 

 

 

 

 

 

Columns

Ice house, Hot House and Mad House

noerpel_new

Recently, I was asked: “I know we are putting carbon dioxide into the atmosphere and scientists say that will warm the planet but there were also ice ages and warmer climates in the past before humans so what caused those …

Sugar Crash

Lunde new

Sugar runs inside our body and fuels our very being. In biology they teach us that sugar is really glucose which is broken down in the body to produce ATP (adenine tri-phosphate). So why bring this up? Well, sugar is …

The Art of Memory

moore-sobelnewmug

By Samuel Moore-Sobel Still Alice. A movie that not only elicits tears, but naturally incurs reflection. This heartrending movie was the starting point of a personal wrestling with the implications of human memory. Remembering can bring us back to a …

Living in Debt

Michael_Pic

Dr. Mike, My husband has issues with money that are hurting our relationship and family. He makes a lot of money, but he spends more than he makes and we are in debt. He can’t just have a luxury car, …

June in the Garden

juneingarden flowers

Conserve Water, Beat the Heat and Keep Things Blooming By Andrea Gaines It’s getting hot out there. And, there’s nothing more discouraging for a gardener that to come home after a weekend away – or miss a regular watering schedule …

Potoma Wayside

potoma wayside

My advice is: Don’t look straight down; the combination of rushing highway traffic a couple of feet away and, what’s – to me, anyway – a dizzying height, can produce some unsettling sensations. I came to this conclusion after walking …

Editorial

Grief and Greed

blueridge2

By Matthew Parse What would drive a single individual to cause so much emotional stress and financial burden on hundreds, if not, thousands of families? What would drive the Town …

Op-ed

Oh No, It’s the Christians!

blueridge2

By Nicholas Reid In the hours and days following every massacre perpetrated by radical Muslims, there is one unifying theme across most news coverage of the massacre, wherever it may …

Dear Editor

Thank You

nedimogelman

It is with great anticipation that I look forward to Monday, June 27, 2016. On that day new Purcellville Town Council members will be sworn into office, at Town Hall. …

View From the Ridge

An Open Letter to the Citizens of Purcellville

blueridge2

Mark Your Calendar, They’ve Asked for Our Input So Let’s Give It To Them By Steady and Nobull The Purcellville Planning Commission has tentatively scheduled a series of public input …

Student News

Four Scouts Achieve Eagle Scout Rank

3 Feb 2016

eaglescout

Joel Gicker, Kyle Siecker, Sam Soltis and David Watson achieved the rank of Eagle Scout at a Court of Honor conducted at Blue Ridge Bible Church in Purcellville on January 9. The four Eagles are members of Troop 711 of …

(Be the first to comment)

8th Grade Writers Honored At Blue Ridge Middle School

2 Jul 2015

blueridgemiddleschool

Sixty-seven Blue Ridge Middle School eighth graders have been honored for their writing during the 2014-2015 school year. Many students had their writing selected for publication by Creative Communication, a program for student writers, while others won county-wide writing contests. …

(Be the first to comment)

Ben Kellogg Achieves Eagle Scout

1 Jul 2015

benkellog

Benjamin Robert Kellogg achieved the rank of Eagle Scout at a Court of Honor conducted at St. Andrew’s Presbyterian Church in Purcellville on March 29. Friends, family and troop leaders attended the celebration, including his parents, Robert and Deirdre Kellogg. …

(Be the first to comment)

Calendar

June 2016
M T W T F S S
30

Sea & Sky – an exhibit by copper artist Anne Jordan and mixed media artist Karen Watson

31

Sea & Sky – an exhibit by copper artist Anne Jordan and mixed media artist Karen Watson

1

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

2

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

Free Gardening Lecture

3

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

4

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

Yard Sale

Notaviva Vineyards - Bluegrass Jam - FREE event

PAUL REISLER TRIO WITH LEA MORRIS AND MARSHALL KEYS

5

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

6

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

7

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

8

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

9

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

10

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

11

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

19th Annual Cajun Festival & Crawfish Boil

12

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

13

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

14

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

15

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

16

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

17

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

18

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

Goats at BRNP

19

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

Bring Dad to North Gate Vineyard

20

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

21

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

22

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

23

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

24

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

June Fourth Friday at Breaux Vineyards

Love, He Called It

25

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

Love, He Called It

26

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

Sip & Paint at Breaux Vineyards

Love, He Called It

27

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

28

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

29

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

30

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

1 2

Notaviva Vineyards - Bluegrass Jam - FREE event

3
Current Print Issue:
Sign up for our email newsletter:

Recent Comments

Lifestyle

Rummage Sale Trailers Open July 9

27 Jun 2016

rummage_sale

78th Annual Ladies Board Rummage Sale Ready For Donations The Ladies Board of Inova Loudoun Hospital is officially accepting donations for the annual Rummage Sale. The first Donation Day of the summer will be on Saturday, July 9 from 9:00 a.m. to 1:00 p.m. at Inova Loudoun Hospital, 44045 Riverside Parkway, Leesburg, and at Inova Loudoun Medical Campus – Leesburg, …

(Be the first to comment)

Troy and Paula Haag Perform at Old Stone School

9 Jun 2016

troy and paula haag 1a

Troy and Paula Haag, will appear on The Gap Stage at the Old Stone School on Saturday, June 18. Tickets are $15 in advance and $20 at the door. Dinner will be sold by Big Mike’s BBQ, drinks will be sold by the glass, and there will be desserts at intermission. Troy and Paula will be joined by Max Haag …

(Be the first to comment)

Here’s To the Colorists, Manicurists and Blow Dry Mavens… Thanks for Listening!

1 Jun 2016

hair color

Sunday, June 26 is Beauticians Day, celebrating the cosmetology and other experts who keep us looking and feeling our best – whether it’s with a haircut and style, a facial, a manicure, or just some quiet and light conversation.

(Be the first to comment)

Around Virginia

HUD Awards $2 Million in Housing Counseling Grants To Virginia

Kaine

Sens. Mark R. Warner and Tim Kaine (both D-VA) announced today that Catholic Charities USA, headquartered in Alexandria, will receive $951,150 in federal funding, and the Virginia Housing Development Authority, located in Richmond, will receive $1,040,918. This nearly $2 million grant by the Department of Housing and Urban Development (HUD) …

(Be the first to comment)

Four Hop, Skip and a Jump Local Destinations

morven

Last month we encouraged our readers to consider visiting any one of five great destinations within just a stone’s throw of Loudoun’s history-lined borders – Berryville and Harper’s Ferry among them. This month we feature four destinations – two right here in our much-celebrated county, and two just over the …

(2 comments)

Out and About Loudoun and Beyond

The Plains’ charming restaurants, shops and sidewalks.

Five Stone’s Throw Spring and Summer Destinations By Andrea Gaines Bordered by the Potomac River to the north and beautiful mountains to the west – and with easy access to Rt. 95, the Dulles Toll Road and Route 66 – Loudouners have no short list of fun spring places to …

(Be the first to comment)

Sports

The Lady Vikings Earned Back-to Back Conference Title

1 Jun 2016

lvhs

The Lady Vikings earned the back-to back conference title with a 4-1 win over Heritage in late May. The team earned a first round playoff bye finishing first in the conference and then went on to defeat Rock Ridge 12-0 in the conference semi-finals. The Lady Vikings ended their regular …

(Be the first to comment)

Big Baseball Coming To Fireman’s Field

1 Jun 2016

purcellville cannons

Got Your Father’s Day Gift Lined Up Yet? The Purcellville Cannons’ Brett Fuller couldn’t be happier. He’s the owner of one of the most popular teams in the Valley Baseball League. The team, up until recently was called the Charles Town Cannons but now calls Purcellville its home.

(Be the first to comment)

Archives

  • +2016
  • +2015
  • +2014
  • +2013
  • +2012
  • +2011
  • +2010
  • +2009