Over the years, HOAs have been given a bad connotation. They exist for more than a few reasons, and most of them can significantly impact the current enjoyment and future value of your new home.
What are HOAs?
HOA stands for Home Owner’s Association. It’s an organization or group of community members who implement guidelines and regulations to keep your neighborhood or subdivision safe and uniform. Once you move in, you become a member and must pay the dues that your specific HOA determines. The guidelines and regulations can range anywhere from structural changes to aesthetic additions.
These costs can depend on various factors, such as location, amenities, and property type. The costs of HOAs can sometimes be looked down upon, but they shouldn’t deter prospective homebuyers from purchasing a home.
Why are HOAs important?
There are many reasons why living in a neighborhood with an HOA is superior to residing in a community without one.
When you invest in a new home, you instinctively want to protect its value. You want to ensure the home you choose can retain and increase its value over time.
Since you can only control how your house appears to others, you can’t control how the neighborhood looks from the outside perspective. These guidelines are in-place to keep the neighborhood tidy– neighbors won’t be allowed to put up anything that makes the neighborhood look messy and take down the overall look. An unkempt community can be a major dealbreaker for some homebuyers– which is especially important if you choose to sell your home later in the future.
HOAs control the community’s looks and keep the appeal consistent among homes. This ensures that your community will maintain a uniform and standard appearance for years to come. Community approval is needed to make any large and structural changes to the exterior, guaranteeing you won’t live next door to a lime green-painted house.
HOAs also often put recommended guidelines in place for matters like landscaping, trash can placement, and parking. An HOAs ultimate goal is to make a community look nice for current residents and those looking to move in, therefore, keeping your property value high.
Protecting against a home’s value depreciation is an HOAs main priority. They also protect against the deterioration of the neighborhood and deter any unwanted activity that could be a nuisance to others since each resident in the community is held to the same standards.
Besides Property Value Protection, What else do HOAs provide residents?
Being a part of a community that cares about its appearance and takes care of yours should be enough reason to buy into an HOA, but the list of enhanced homeowning features doesn’t end there.
If your community has some type of amenities like a pool, fitness center, or clubhouse, then an HOA provides upkeep and regular care of these fantastic luxuries. Maintenance of the common areas includes– working lighting, clean play areas, and safe pools. If the neighborhood looks good, the community feels good.
HOAs can also provide reduced responsibility and lawn care in some neighborhoods, such as retirement communities. Additionally, some HOAs have a community-focused initiative and work to increase engagement among neighbors. Well-run subdivisions create fun community atmospheres and put on seasonal events.
This focus on community brings a sense of camaraderie and joy among neighbors and allows for an orderly and harmonious enjoyment of the community.
HOAs ensure that your home will maintain its value among other homes and provide an enhanced home-owning experience. So the next time you hear someone complain about their upcoming HOA bill, you may have to remind them that living in an HOA-run community is something to appreciate and find value in.