ARM, FHA, MLS ... the real estate industry is full of acronyms. If you're in the market for a condo, townhouse, or other Las Vegas homes for sale in certain communities, one acronym you should become familiar with is HOA, or homeowners association.

An HOA is established to manage a community to maintain a consistent standard of living benefiting all residents. Here's a helpful look at the pros and cons of buying a home in a building or neighborhood run by an HOA.

• PRO: Common Area Maintenance
  Have you ever seen a neighborhood that seemed to always look messy or shabby? That's never a problem in communities with an HOA, as it's the association's responsibility to ensure the upkeep of lawns, streets, and sidewalks.
  
  
• CON: HOA Dues
  Extra services don't come free, and an HOA is no exception. You can expect to pay monthly membership dues over and above your mortgage. HOA dues vary from one community to the next, so it's vital you include them in calculating monthly payments. The good news? HOA dues sometimes include utilities and other costs. The bad news? Non-payment of HOA dues can lead to penalties, liens, and even foreclosure.
  
  
• PRO: Conflict Mediation
  If a neighbor's dog is running loose in your yard, or the people across the street throw loud parties, you don't have to fight those battles alone. The HOA will step in with a friendly warning and take progressively stricter steps if the offending parties refuse to comply.
  
  
• CON: Limited Style Options
  Here's another acronym you should know: CC&Rs, or covenants, conditions and restrictions. CC&Rs dictate what homeowners can and can't do, primarily regarding your property's appearance and use. These rules can range from exterior paint color and garden guidelines, to pet ownership and prohibitions on smoking.
  
  While CC&Rs are useful in maintaining the look and value of homes in the community, they can severely limit your choices regarding home decorating or remodels. Overly restrictive CC&Rs can sometimes be overturned by a majority vote of homeowners.
  
  
• PRO: Extra Amenities
  Many HOAs promote an authentic community atmosphere with amenities such as swimming pools and tennis courts, playgrounds, and clubhouses. They may also offer a regular schedule of activities including holiday parties, game nights, and kids' arts and crafts.
  
  
• CON: Politics
  An HOA is operated much like a government, as board members are elected by the homeowners to represent their interests. Unfortunately, this process can sometimes lead to conflicts when board members don't see eye-to-eye, and progress becomes difficult. In addition, as a member of the association, you share in the financial burden if homeowners default on their mortgage or there's a shortfall in the budget.

Our real estate agents are well-versed in HOAs and other terms affecting the purchase or sale of your home. Contact us for friendly and knowledgeable assistance with all your real estate needs.