After weeks of searching, you’ve finally found the perfect home in the perfect community. The one thing you’re not sure about? It has an HOA, and you’re not certain what that means, how it impacts the community or what you and your family gain from it.
Don’t worry, lots of people have questions about HOAs. Let’s start by defining them, and then we’ll go into the top advantages of being a resident of an HOA community.
What is an HOA?
Before we dive into the benefits of an HOA, let’s talk more about what it is. Put simply, a Home Owners Association (HOA) is an organization of home owners within a community who meet regularly to discuss the ongoing maintenance of that community and how they can work to improve the standard of living for all of its residents. They also give guidance as to how the HOA is managed and enforce the rules and regulations of the community’s governing documents.
The HOA is funded through member dues, which are paid traditionally by residents on a recurring basis, while the HOA board creates a budget and decides how best to allocate those funds. HOAs get a bad rap sometimes, but the services they can provide to their communities honestly cannot be beat.
So, what do you gain from being a member of a community with an HOA? Here are the top five benefits you and your family may enjoy:
Top 5 Benefits of a Community HOA
1. They can handle maintenance and upkeep.
The HOA board can take care of various contractors for a number of community maintenance projects. In most cases, this includes trash and recycling pick up, landscaping and lawnmowing for common areas, and snow plowing and/or removal. Depending on your neighborhood’s specific needs, HOAs can also implement other services, such as street sweeping or nighttime private security.
2. They may provide and manage amenities.
Everyone loves neighborhood amenities! And if you have amenities, someone has to manage them. An HOA has the ability to do that for you. They can oversee all of the day-to-day administration duties, such as scheduling the cleaning of the community clubhouse, ensuring there are enough lifeguards at the swimming pool, replacing any broken equipment at the fitness center, and a wealth of other services.
3. They may increase your property value.
Did you know that homes within a community with an HOA may sell at a premium as compared to homes in non-HOA communities? Those same communities may also be less likely to be affected by downturns in the market that impact home prices in the surrounding area. And while we hope you stay in your new home for a long time, that can be a pretty amazing benefit if you ever decide to sell.
4. They preserve the community aesthetic.
Your new neighborhood can look beautiful when you have an HOA to manage it. They will review and approve any renovations to home exteriors, such as fences, decks, paint colors and other permanent structures to make sure the general look and feel of the community is consistent. They can also work to remove eyesores, such as un-mowed lawns and abandoned vehicles.
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5. They arrange neighborhood social events.
One of the best responsibilities an HOA may have is to organize events for the whole community! It’s very common for HOAs to hold block parties, movie nights, holiday get-togethers and food truck events, among other festivities. Especially in larger communities, this is a fantastic way to get meet and engage with your neighbors.
Overall, HOAs have the ability provide a vast number of benefits to the communities they support. They can manage the facilities, oversee the amenities, keep the neighborhood visually appealing, and provide opportunities for social engagement. In some cases, they may also even increase property values.
So, when you’ve found your new dream home – and it happens to be in a community with an HOA – consider yourself lucky! You’ve found a neighborhood with the care and assistance it needs to be a beautiful, welcoming place for you and your family.