5 Benefits of Having a Homeowners Association — RISMedia
Are you considering joining a homeowners association? There can be significant benefits to buying a home through an HOA.
Each homeowner’s experience with an HOA will vary depending on the amenities and rules in their community. It is important to understand what is offered before becoming a member, as there may be different benefits for each individual.
If you have never lived with a homeowners association, it is essential to do your research. Many potential buyers will ask a real estate agent what does an HOA do.
Homeowner associations can provide several benefits to their residents, including:
- Protection of property value
- Local laws and ordinances enforced
- Maintenance and repair of common areas
- Safety and security in the region
- Amenities and services provided
Let’s take a look at each of the benefits of living in an HOA.
Protection of property value
Residents are held accountable for deed restrictions, which means homes and common areas are taken care of and well maintained. This makes living in an HOA desirable for many home buyers. The properties are also very uniform with respect to each other.
If you want to make any changes to the exterior of your home, you will need to get approval from an independent architectural review board or those elected to an HOA board. The CCA or Board reviews each submission to ensure it meets community design standards.
Owners will have to follow the rules established by all owners within the association. Most of the time, you won’t be approved for things that will change the architectural appeal and stand out from the rest of the houses.
Local laws and ordinances enforced
Every homeowner in the community is expected to adhere to the same set of standards for maintaining the exterior of their home as well as adhering to noise policies, parking restrictions, short-term rental guidelines, and more.
Living in an HOA is different than when you’re not in a neighborhood where you’re king of your castle. It is essential to remember this before making a purchase.
Maintenance and repair of common areas
Many HOAs maintain their common areas very well, including manicured lawns, freshly painted walls, and well-kept floors. If there are swimming pools, tennis courts, and a fitness center, a well-maintained HOA will further keep those extra perks in tip-top shape.
If a neighborhood looks good, the community feels good. You can be confident when selling at some point in the future your investment will be protected. The condo association will also be responsible for establishing costs such as special appraisals as needed.
Safety and security in the region
In some homeowners associations there will be a gate where identification is checked in order to enter the neighborhood. It is good to know that unwanted guests are not allowed. Checking who walks through the door makes life in the neighborhood much safer.
Even in neighborhoods that don’t have additional security measures, there is often a camaraderie between neighbors to watch each other’s properties. Anyone who seems suspicious will be reported.
Amenities and services provided
Depending on the community you choose to buy a home in, there’s likely an amenity or two to suit your needs and lifestyle.
Some neighborhoods will offer perks such as a community center, pools, fitness center, barbecue grills, walking paths, and park-like common areas for homeowners to enjoy.
Choosing a community that has many of the features you are looking for can greatly increase your enjoyment of life. You can talk to your real estate agent about researching communities that have the characteristics on your wish list.
Final Thoughts on HOA Life
Having a homeowners association can be a great way to protect your property value, ensure local laws are enforced, maintain and repair common areas, and keep your area safe. However, a homeowners association is not going to be for everyone.
It is essential to understand all the rules and regulations to ensure that you are comfortable with them. Getting a handle on community financial stability is also a must. Talking to neighbors before buying could be beneficial.
All of the above benefits of living in an HOA could be wasted if there are financial issues.
The best run HOAs have community pride and it shows!
Bill Gasset is a nationally recognized real estate leader helping people buy and sell real estate in the Massachusetts metro area for 35 years. Bill is the owner and founder of Maximum real estate exposure. For the past decade he has been one of the top RE/MAX REALTORS® in New England.