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The risk has been that your homeowners association will overstep its bounds in managing the common property. Some have gone head to head on displaying flags, realtor signs, front doors, parking and so on. The advantage is that an active association does help the property keep its value over time. That is, if they charge enough in dues to maintain the common areas and don't always go with the lowest bidder. For the most part, the HOA in my townhouse development has done well, but it seems that the same arguments go on year after year. Cheap repairs have had to be done repeatedly. If you can get involved in the HOA, that is perhaps the wisest thing to do since it offers you more input than you might otherwise have.

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Q: What are the risks and advantages of a homeowners association in a condominium project and in other types of developments?
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