Bankapedia's Take

Try googling the term “HOA” or “Homeowners Association” and don't be surprised to find lots of articles of someone venting about how much they hate their HOA and how to fight the HOA. In most instances the HOA is a good thing - they make sure your neighbors aren't putting their cars on blocks in their front yard and making sure everyone’s lawn stays mowed. In fact, you'll probably be glad you have an HOA should you decide to sell your home, as the neighborhood should remain fairly tidy. However, overly restrictive HOA's can infuriate those with a sense to individualize the home they own, so make sure to check on an HOA's CC & R's before plunking down an earnest money deposit.