Homeowners Associations (HOAs) are becoming a popular option across the country. In this method, as a homeowner you pay a monthly fee which goes into a pool of money with other homeowners in the community to maintain and improve the housing value of the neighborhood. This money can be used in a number of ways like maintaining communal areas, funds for shared neighborhood events and lawn maintenance for the homeowners, just to name a few. Here are some benefits of having an HOA in your neighborhood.
You Can Get More Amenities
If you have an HOA established in your community and everyone pays their fees properly then the members of HOA can help in bringing more amenities like schools, playing fields, parks, clean drinking water and gates for additional safety.
HOA establishes a fee for every homeowner in the area, collects those fees, make a priority list and begins bringing more amenities into your area. This way you won’t have to wait for the local government to bring the much-needed amenities to your neighborhood.
Increased Property Value
As mentioned above, HOAs establish rules & regulations for constituency, collect fees to bring in more amenities and properly maintain them. This is one reason areas with reputable HOAs have higher valued property values than their neighboring areas.
So, you too can increase the value of your property by joining a local HOA and following its rules and regulations properly.
Many HOAs have strong community engagement participants. Studies have shown that homeowners are more likely to attend community meetings and engage with their neighbors more when they are paying a monthly fee to an HOA. The fact that homeowners have a vested interest in one another does help to spur the community feel and engagement many communities may lack. People are more likely to know their neighbors which can help instill a since of security and togetherness.
Helps Resolve Any Issues
Other than providing amenities, increasing and maintaining the property value, and increasing engagement, HOAs can also play an important role in resolving any small issues without the involvement of law enforcement agencies. There can be a board that listens from both sides and helps to mediate and resolve the matter justly and peacefully. This can prevent neighbors from suing one another and escalating the issue within the community.
HOAs are not for everyone but for those potential homeowners that agree with many of the points shared here can benefit from living in a neighborhood with an HOA. Talk with your local realtor or give us a call so we can find you an HOA in your desired location.