As a potential homebuyer, it is vital to understand Homeowners Associations, also referred to as HOAs. An HOA is a committee of homeowners who volunteer to be elected to a board that works to manage common areas and enforce rules and regulations. They can be beneficial in maintaining property values and keeping neighborhoods looking pristine, in addition to helping homeowners save time and money. According to a recent study conducted at George Mason University, homes in an HOA community sell for about 5% to 6% higher than homes that do not belong to one. Today, we’re exploring the role of HOAs, what they do, and how they can benefit homeowners like you!
What is an HOA, and what are its benefits?
Homeowners associations are organized groups that oversee a residential community's common areas. While each HOA is unique, most have a similar structure and purpose: to maintain and improve the quality of life for residents.
In addition to regulating the use of common areas, HOAs may also be responsible for enforcing covenants, conditions, and restrictions. Often referred to as CC&Rs, these documents outline the guidelines for acceptable behavior and appearances within the community. By ensuring that residents adhere to these standards, HOAs can help to create and maintain a desirable living environment. Plus, HOAs often provide amenities and services that may otherwise be unavailable or unaffordable for individual homeowners, such as rooftop living spaces, community parks, and pristine landscaping. In short, HOAs can play an essential role in enhancing the value of a community and the quality of life for its residents.
The HOA covers day-to-day management, so you don’t have to
When it comes to the day-to-day management of common areas in a community, your HOA has you covered. This includes landscaping, irrigation, security, and exterior home maintenance, which can be a significant relief for homeowners who do not have the time or energy to handle these tasks themselves.
HOAs help navigate neighborly disputes
Most people have had the unfortunate experience of living next to a noisy neighbor or dealing with a wayward pet. Fortunately, for those of us who live in communities with homeowner associations, there is someone to help enforce the rules and keep things running smoothly. HOAs are often an excellent tool for homeowners to maintain harmony within the community.
If you have an issue with a neighbor, the HOA can mediate the situation and help you come to a resolution. This can be especially helpful if the problem is minor, such as a noisy pet or parking dispute. In some cases, the HOA may even be able to help you resolve more serious issues.
HOAs keep living standards and property values high
HOAs play an essential role in upholding the community's standards of living, which in turn helps maintain property values. By enforcing rules, like noise ordinances and pet restrictions, HOAs help to keep neighborhoods safe and attractive places to live.
HOAs bring community improvement suggestions to light
Your HOA is there to serve you. HOAs can bring your community improvement suggestions to light. While they are often responsible for maintaining common areas, they can also be a powerful force for change. For example, if there is a problem with street lighting, the HOA can work with the city to get it fixed.
Don’t shy away from the HOA
These associations play an essential role in many communities. By working with local officials and other stakeholders, HOAs can help to make their communities safer, cleaner, and more enjoyable places to live. In some cases, HOAs have even been able to negotiate lower property taxes or insurance rates for their members. As a result, HOAs can positively impact both individual homeowners and the community as a whole.
In short, Homeowners Associations can be very beneficial for homeowners! They can help save time and money, maintain property values, and uphold the standard of living in a community.
Do you have any questions or comments about HOAs? We’d love to hear from you!