When it comes to buying a home in an HOA community for the first time, you may have many questions. Do not worry; this is a common occurrence since this type of property operates differently than others. Whether you’re looking to invest in your first or second home, you might not know what to expect. This is why we will first explain what an HOA community truly is and what it offers before moving on to all the benefits you will be able to experience while living in an HOA community.
What is an HOA community?
To put it simply, an HOA (Homeowner’s Association) is a governing organization whose mission is to preserve the value and aesthetics of the neighborhood that you are currently looking into. The appointed residents of this type of community set and enforce different types of rules and regulations that are described in the covenants, conditions, and restrictions (CC&R). These rules are commonly used to enhance or preserve the property value of the neighborhood. Given the HOA needs funding, residents of the HOA community have to pay a monthly fee.
However, it is important to note that no two HOA communities are the same. Each community has its own set of rules and regulations, fees, and benefits. You are responsible for doing thorough research on the HOA community you are considering before investing or renting. Although these communities are all unique, we have compiled a list of benefits you may commonly encounter.
Protects property values
One of the most important benefits to HOA communities is that it maintains the value of your home. The previously mentioned rules and regulations are there to ensure that it stays that way. Most communities have rules prohibiting people from making changes to the exterior of their homes without their permission. You will not be able to build a shed or even have an untidy lawn. Any alterations to the neighborhood have to go through the HOA, as some changes can take down the neighborhood’s overall look. Therefore, you will feel safe knowing the curb appeal, which increases the value of your home, will always stay the same. In turn, this means the overall property value can stay the same or increase over time.
Keeps the area beautiful
If you love having an area that is always beautiful, tidy, and well-kept, then HOA communities are the way to go. The majority of HOAs work hard to keep the neighborhood looking beautiful. They are in charge of all common area landscaping. Additionally, they work hard to maintain the provided amenities such as the parks, pools, and playgrounds. These areas will always have fresh paint, working lights, and will be tidy and maintained. As previously mentioned, they will also keep you and your neighbors in check, so no one lessens the appeal of your neighborhood. You can expect a feast for your eyes each time you step foot out of your new home, if you choose to live in an HOA community.
Professionally managed amenities
When it comes to amenities, the ones stated above are merely the tip of the iceberg. As a resident of an HOA community, you will be able to enjoy sports courts, barbecue pits, and walking trails. Depending on the community you choose to reside in, there will likely be quite a few amenities that will fit your and your family’s lifestyle. This is why living in an HOA community can be costly. However, with added amenities such as a tennis court that you can use whenever you want, it appears like moving to a smaller home is worthwhile. Downsizing is the most practical solution that will allow you to enjoy everything this type of community has to offer. Fewer rooms in exchange for a slew of new amenities seems like a good deal.
Gives you fewer responsibilities
Living in an HOA community comes with so many added benefits but a lot fewer responsibilities. Reduced responsibility when you’re a homeowner can be quite beneficial and will reduce the stress you might feel. With a typical home, you will be in charge of mowing your lawn and shoveling snow. On the other hand, the HOAs will handle that for you in an HOA community. In some cases, you will not even have to pay your own utility bills. It is important that you read what you’ll be offered as a resident and evaluate whether the fees are justified. This will be subjective and will depend on how much you value the amenities they offer you.
Let’s you enjoy a true sense of community
The actual purpose of a well-run HOA is to create a community of like-minded people. This can be accomplished in various ways, one of which is through hosting special events. These events can be held each holiday season, such as taking pictures with Santa Claus in the park. Other events could be themed around different hobbies, such as a movie night or a tennis tournament. Good HOAs will always prioritize events that will encourage residents to go out, enjoy their time and get to know one another. Make sure to attend each event that fits your personality, and you are sure to have a great time!
Is in charge of most conflict resolutions
One benefit many people like about living in an HOA community is being able to contact them when there’s a problem in the community. The HOA has a strong interest in resolving concerts of their residents since their own board is made up of such people. If you have an issue with a particular neighbor, chances are they might feel the same. Therefore if you wish to invest in a home, you have picked just the right type of property since you won’t have to ever worry about neighbors. Of course, not all issues are important to the HOA. This is why it’s critical for you to know what your HOA can and cannot deal with.