Benefits of owning a home in an Association:
When you consider purchasing a home within an HOA for the first time, there are many questions you may have. The most commonly asked question is, what are the benefits of living in an HOA?
First, it is essential to understand that no two HOAs are exactly alike. The amenities/common areas shared, the HOA fees billed, the agreed guidelines to live by are all dependent variables in each community, and the individual benefits of these variables may vary from one homeowner to another.
In a well-managed HOA, there are numerous benefits, and below we have identified the Top 10 Benefits of living in an HOA.
10. Architectural Controls
Residents are required to submit for approval any modification projects to the exterior of their home. The Architectural Control Committee (ACC) reviews each submittal to ensure consistency and continuity with original community design standards.
9. Increased Community Engagement
Community gatherings and activities such as Movie in the Park or holiday-themed festivals bring neighbors closer together. Regardless of the community's size, there is a sense of camaraderie and joy among neighbors at any community event.
8. Access to Amenities
Many communities feature walking trails, sports courts, swimming pools, barbecue pits, and neighborhood parks that are available for resident use. Depending on the community you choose to buy a home in, there is likely an amenity or two to fit you and your family's lifestyle.
7. Well-Maintained Common Areas and Amenities
HOAs typically do an outstanding job maintaining their common areas and amenities. This includes manicured and over-seeded common area lawns, freshly painted walls, lighting that works and clean play areas, etc. If the neighborhood looks good, the community feels good.
6. Increased Community Pride
Community activities and events help bring neighbors together, which increases the pride of ownership and HOA membership within the community.
5. Rules and Regulations Deter Nuisance Activity
Each resident who owns a home in the community is held to the same set of standards for the upkeep of their home's exterior, as well as the adherence to noise policies, parking restrictions, short-term rental guidelines, etc.
4. Added Layer of Support
When dealing with neighborhood property issues, HOAs often partner with municipal code compliance departments to ensure adherence to the rules.
3. Community Connection through Volunteer Work
Opportunities to be of service to your community by volunteering to serve on the Board of Directors is not only a great way to make new friends, but it offers individual members of the association a deeper connection to the community.
2. Financial Stability
A well-managed HOA has a reserve study in place and funds available for future common area repairs and capital improvements, thereby reducing the likelihood of needing a special assessment.
And the number one benefit of living in a well-managed HOA…
1. Helping Maintain Property Values
Since residents are held accountable to deed restrictions, homes and common areas are consistently taken care of and well-maintained. Having a well-kept home in a well-kept neighborhood is what makes living in an HOA desirable to a lot of home buyers.