I have often heard that many homeowners are discontented with their homeowner's association. I believe that people wanting to build homes should seriously consider the advantages and disadvantages of living in a homeowner's association.

There are many benefits to living in a HOA though. The biggest advantage is constant rising property values. This isn't always the case, but homes that reside within a HOA have a much better chance for property appreciation than do homes outside of the HOA.

The reason is because the president of the HOA is constantly trying to find a standard of home styles and construction that will improve the prices of the homes inside the association. There are many homebuyers that are completely willing to buy into the HOA just to have the confidence of knowing that the property values will continue to rise.

People that join the HOA are usually the type of people that keep the home and lawn well kept. They enjoy living in a beautiful community where they know the neighbors and they enjoy the feeling of living around people just like themselves.

It's very important to understand the local economy before buying into any HOA though. This is because home and property values depend on the local economy. Without a stable local economy, home values within any HOA will usually stagnate or decline. Nobody wants to go through the hassle of being at the beck-and-call of the HOA president if his or her home won't appreciate in value.

Remember, no home will appreciate in value very long if there aren't good jobs constantly available in the community. Usually, a HOA will exist where the local economy has promise. Still, I've seen many that exist in drying-up communities in terms of the job market. If you see a good deal on any home where the labor market is questionable, you need to ask yourself if it's a good idea to buy that home.

Also, we need to remember one thing; just because we have a stable job doesn't mean the local economy is thriving. Our hard-earned mortgage payments might have diminishing returns if our neighbors are struggling financially. The value of our homes could plummet without warning. That's why it's a good idea to consider living where the jobs are and the job future has promise.

Now let's talk about the downside of living in a HOA. If we are the type of person that has trouble taking constructive criticism or we don't like being ordered around, the HOA is definitely not for us. The experience will be one of fights and losses.

There might be times when you don't have a dime to your name, but you'll have to fix a part of your house or a fence or driveway. You will have to find the money from somewhere to do the repairs.

Also, your neighbors will most likely act like they did in 3rd grade when they notice that their neighbor isn't complying. People in these homeowners associations feel empowered as long as they comply with the rules. They feel as if the actions of their neighbors directly affect the value of their homes. That is actually the truth though and some people get really childish as they run to tell on their neighbors.

People that have difficulty living within these conditions should probably choose to live on their own private property with all the rights that go with it.

I hope this sheds a little more light on a very popular means of homeownership.