A Homeowner’s Association is an organization created by real estate developers that creates and enforces rules regarding the maintenance of a property, management of the community and its amenities, and the selling or renting of a home within the community. HOAs are commonly found in subdivisions, planned communities, and condominiums. Homeowner’s Associations provide an important service for homeowners, just see the list of benefits below.
Community Maintenance
Homeowner’s Associations are known for the requirement of paying monthly or annual fees. Although it may seem like another way to get swindled out of money when shopping for a home, HOA fees are usually manageable and are how a community keeps roads, common areas, and amenities clean and up-to-date. HOA fees pay vendors to mow and garden plants in common areas (like the front entrance, park, walking areas, etc.) and they pay for road or sidewalk repairs. Decorations you see around common areas during seasonal times are paid for through HOA fees.
Amenities
Tennis court, playgrounds, gyms, community pools, dog parks, or walking areas are just some of the few types of amenities that are built and maintained with HOA funds. Purchasing a home in a HOA neighborhood entities the homeowner (or renter) access to these areas. Once experienced, you’ll realize that these amenities more than make up for having to pay an HOA fee.
Property Values
Not only does access to the amenities make your home more appealing when on the market, but constant maintenance to the community areas and roads make the neighborhood more visually attractive. HOAs also supply a list of rules and regulations for the appearance of a property. Yards must be well kept, recreational vehicles should be properly stored, and driveways and roadways should be clear of unnecessary obstruction.
Dispute Resolution
In addition to property regulations, HOAs also provide a detailed description of how to report an issue, whether it’s an unkempt property next door or a broken swing at the park. The rules are issued to all homeowners in the community so that everyone is aware of the expectations they are required to fulfill. Knowing who and how to report a problem also reduces the risk of unnecessary confrontations.
Community Sponsored Events
Homeowner’s Associations also tend to put together community gathers. From Fourth of July barbecues, Trick-or-Treating, to New Year’s fireworks in the park, there are numerous activities for homeowners to partake in. These get togethers provide a chance for neighbors to meet one another and form long lasting relationships.