Are you considering buying a house in a community with a
homeowner's association? They're becoming increasingly popular as they keep
property values high, cover maintenance costs, and provide recreational
benefits to residents. But what exactly is a homeowner's association, and why
would you want to join one? This article will outline the top benefits of
belonging to one.
What is a Homeowners Association (HOA)?
An HOA is a governing system comprised of residents put in
place for a specific community. A community's HOA is responsible for creating
and enforcing rules and restrictions in the area for a monthly fee.
Additionally, the HOA maintains a community's quality, including maintaining
shared amenities, managing repairs to roads and roofs, and resolving disputes
in the neighborhood.
Being part of an HOA isn't for every homeowner. For some, HOA rules can feel restrictive and not worth the cost of fees. For others, the added security, maintenance assistance, and close-knit neighborhood can be highly appealing.
1. Access to Private Amenities
Part of your HOA fees include building and maintaining
community amenities. Every community is different, but this often includes
pools, private parks, walking trails, sports courts, and other recreational
facilities. Since you're already contributing to them with your fee, there's no
added cost to use these amenities.
Another bonus here is that since these are private
facilities, they will often be less crowded, better kept, and more up to date
than public-funded ones.
2. No Need to Worry about Routine Maintenance
Most HOAs take care of routine maintenance and upkeep,
including cleaning sidewalks, maintaining hedges and lawns, managing trash and recycling,
handling pest control, and painting home and communal areas. You'll also never
have to worry about basic home issues, as many HOAs also cover plumbing,
landscaping, and HVAC systems.
3. Pay Less for Utilities
When you're part of an HOA, your monthly utility bills could be lower. Part of your HOA fee might cover utilities such as water, gas, sewer, and trash. Rather than paying for your own usage each month, you pay a flat rate that will often save you money over time.
4. See A Higher Quality of Living
All HOA-driven rules are enforced to maintain a high quality
of living for those in the community. The HOA must approve exterior and
interior home changes, which keeps the community's aesthetic secured. You'll
see added security benefits for peace of mind, never worry about problem
neighbors who aren't following HOA restrictions, and appreciate the higher
property values.
5. Enjoy a Close Community
HOA-governed communities often pride themselves on building strong neighbor connections. These communities offer tons of socializing opportunities by hosting nights out, parties, and other social gatherings. You'll also have plenty of chances to interact with neighbors at HOA meetings and local tennis courts, and walking trails. Families will enjoy how easy it will be for their kids to make local friends at parks and pools.
Is an HOA right for you? If you don't mind paying an added fee and sticking to strictly enforced rules, the amenities, upkeep, and added security make it worth the cost.
