When people hear the words Home Owner Association, they tend to cringe. Many people think that living in a community that is controlled by an HOA can be very difficult. However, if you look closely, the pros can outweigh the cons.
In order for you to understand and appreciate the benefits offered by an HOA, you need to understand what this organization is and what it does.
What Is an HOA?
Home Owners Association is a governing organization that presides over specific communities and enforces rules regarding property maintenance and other things. When you purchase a property that comes under an HOA’s jurisdiction, you automatically become a member. The association requires you to pay dues that are called HOA fees. Many people avoid buying or renting property under an HOA’s jurisdiction because they believe that the rules are too strict.
What Does HOA Do?
As explained above, an HOA enforces rules that specify what homeowners can and cannot do on the property.
Say, a 50-year-old tree in your yard now poses a danger to your children. The branches almost reach the ground, and there’s a possibility that in the event of a storm, the branches might crack and cause damage. Before you bring out your saw and start hacking the branches, you need HOA’s permission. Since the tree is not your property and has been a part of the land for decades, you can consult with the HOA association and present your case. Sawing the branches without their permission will result in a penalty.
Every state has different HOA fees. They can range from $100 to $700 monthly.
Benefits of HOA
Your Home’s Value Increases
One of the biggest benefits of the HOA fee is that the amount you pay goes into your home’s maintenance. An HOA requires you to maintain a standard. You might see the rules as restrictive, but they help in maintaining your home’s value. You can be assured that when the time comes to sell your house, you will be pleased with its appreciation value. By preserving the original architecture of the house and regular maintenance, the HOA makes sure that every feature of the house is the same as it was when the house was built.
The amenities offered by an HOA gives you the opportunity to live in a peaceful neighbourhood that caters to all your needs. The community usually has the following amenities:
- Swimming pool
- Golf course
- Tennis court
- Security (protective gate)
- Other outdoor recreation
The fee that you pay goes into maintaining these amenities, which is what makes this neighborhood and your home so valuable. Multiple offers here welcome!
Solves Neighbor Disputes
As discussed earlier, the HOA enforces strict rules to make sure that a peaceful atmosphere is maintained in the community. Only a few people are able to keep up with the HOA rules because any activity that goes against their standards can have the homeowner facing foreclosure. So, you can be assured that you will find like-minded people in this community, who will be interested in keeping the neighbourhood safe and clean.
So, don’t believe the myths listed online regarding an HOA. Next time you start searching for a house, consider looking for neighbourhood that are under an HOA jurisdiction. Find out the fees and amenities offered, compare them with other HOA organizations, and then make an informed decision.