Homeowners Associations, or HOAs for short, are more popular than they have been in years past. But, for many, they remain an uncharted territory and a completely new experience. So, if you are a homeowner or an investor shopping for an HOA property, it’s essential to be aware of what you are buying into. Just like any other living situation, HOA living has its pros and cons. Luckily, many agree that the pros far outnumber or at least outweigh the cons. If you are interested in finding out the six main benefits of living in an HOA, keep reading.
1. Stabilized property values
One of the most significant benefits of HOA living is the consistency and protection of property values. Homeowners’ associations are in control of the aesthetic appeal and general appearance of the neighborhood.
Everyone wants to see it thrive, and that usually includes specific upkeep and maintenance rules and regulations. These regulations typically concern curb appeal, tasks such as landscaping and cosmetic features of a house, but also things like trash placement and vehicle parking. The ultimate goal? Simply put, a well-groomed neighborhood is not only nice to live in but also keeps property values high. Thus, if you are buying a home in an HOA, their local community management company will make sure that the property meets the HOA’s standards – it’s one of the many responsibilities they take upon themselves. And if you eventually decide to sell your home, you run no risk of having one ugly property on the block bring down the perceived value of living in your community.
2. Fewer maintenance and upkeep responsibilities
Outside of an HOA, the tasks related to the upkeep of your amenities and sourcing repairers and vendors fall entirely on you. However, living in an HOA implies that your monthly association dues already cover the maintenance of amenities such as the swimming pool, gym, sidewalks and curbs, common area lawns, etc. Also, partnering with a professional community management company will make finding reliable and trusted vendors extremely easy. The assigned property manager will source, vet, and recommend professionals to the board. This will, in turn, guarantee peace of mind that the work done is satisfactory and HOA-approved.
3. No more bad neighbors
Getting ready to move into a house that’s part of a homeowners’ association? Then you must be aware of the specific HOA guidelines, rules, and regulations that all homeowners must adhere to. Typically, HOAs won’t tolerate unruly behavior – be it a loud late-night party gathering or dismissiveness about the architectural rules of the community. So, buyers should get up to date on the governing documents. And not only that. They should also make sure they’re willing and able to live by them before signing on the dotted line.
HOA living isn’t for everyone – and that’s a good thing
Some people dislike the whole concept of HOA because of the aforementioned rules and regulations. But why not think of this as a potential advantage? HOAS will attract only homeowners you’d want to have as your neighbors. For instance, HOAs require homeowners to maintain their properties. But say someone chooses not to. This choice has an impact on your financial stability by bringing down your property value. Luckily, HOAs tend to appeal to only those who have a clear intention of caring for their property responsibly.
Homeowners’ associations certainly deter problematic neighbors. However, they don’t prevent them 100%. It’s a good thing, therefore, that you’ll have someone in your corner. Another one of your community management company’s responsibilities is to handle issues between neighbors. Ensuring the well-being of their community is the association’s top priority.
Part of your due diligence
Something else that concerns you moving into an HOA community is precisely that – the moving in part. HOAs usually have quiet hours. Yours may even have specific times when one can move in or out, particularly if you’re moving into a condo building or an apartment. The plot thickens even more if you are planning a long-distance move. Since everything from planning, organizing, packing, loading to transporting, unloading, and unpacking is more complicated with long-distance relocation, you’re most likely to look for professionals to help you move to your new abode. To be safe, therefore, it’s best to check your community hours before the moving truck rolls in. Moreover, make sure to reach out to your board if you have any questions regarding any needed elevator, parking, or gate access arrangements.
4. Neighborhood amenities
HOA communities feature a wide range of neighborhood amenities that are available for community member use. Of course, not all of them offer the same ones. Yet, depending on the HOA you decide to purchase a home in, you’ll likely find an amenity or two that suits your and your family’s lifestyle. Some of them include:
- walking paths;
- recreational areas;
- sports courts,
- swimming pools;
- barbeque pits;
- and others.
Thus, having such amenities within your reach is another pro to buying an HOA home. For starters, they provide homeowners with new ways to enjoy their neighborhood. Second, this can also put some money in their pockets. For example, if there’s a neighborhood gym or fitness center you have free access to, you can cancel your gym membership.
5. Community engagement
The amenities HOA homeowners enjoy alone provide enough opportunities to meet everyone. Yet, in a community with an HOA, there’s plenty more where that came from. Very often, HOAs partner up with their management company to plan and host various recreational activities, fundraisers, and other social events, such as welcome parties for newcomers. Community gatherings and activities are a great way for neighbors to gather, meet one another, build relationships, and do good for their community.
6. A sense of community
The selection of activities does a lot more than encourage community engagement and a neighborly atmosphere – it inspires bonding and builds friendships. Another way HOAs bring you and your neighbors together is by making you join forces as you work toward a common goal – a happy community. Given that you all share this same objective, you will see your neighbors as your team, and not merely as some people who happen to live nearby. In other words, you’ll foster a real sense of belonging, which is one of the biggest benefits of living in an HOA.
Meta description: Are you a homeowner or an investor shopping for an HOA property? If you are a first-time buyer, here are six benefits of living in an HOA.