Will these benefits of the HOA life convince you that it’s right for you?
- Many neighborhoods have homeowners associations.
- HOAs typically charge fees that are in addition to monthly housing costs.
- There are benefits to living HOA despite the fees and restrictions.
When buying a home, you will likely come across many neighborhoods where there is a homeowners association. HOAs often impose rules on what you can do with your home, and they also charge fees that you’ll have to pay each month in addition to your mortgage payment.
While the added cost of an HOA may seem undesirable, there are actually some big benefits to living in a neighborhood with an association. In fact, here are some of the biggest benefits of living somewhere with an HOA.
1. The HOA protects your property values
The value of your properties is affected by the quality of your neighborhood and the way your neighbors maintain their homes. After all, no matter how good your property is, no one will want to buy it if it’s next to a slum.
Homeowners associations set and enforce the rules for maintaining property in the neighborhood. They may also set other restrictions such as requiring approval before painting a house or adding lawn ornaments. These rules help keep the neighborhood nice, which in turn keeps property values higher.
2. The HOA Maintains the Neighborhood and Amenities
HOAs typically maintain common areas, and some neighborhoods with strong associations have many amenities such as swimming pools or golf courses.
These features can add value to your home since they are sought after by buyers, and they can also make life in your neighborhood more enjoyable since you can enjoy them.
3. Charges may include common utilities and maintenance tasks
In some cases, HOA fees include things like internet service, pool maintenance, or lawn maintenance. When this is the case, it is convenient to pay a common fee for many different services rather than having to arrange them individually and contract with companies to pay for them separately.
In some situations, you can actually save money because it can be cheaper for internet companies or landscaping companies to provide their services to an entire neighborhood rather than individual households. The fees you pay might actually be more advantageous than paying for these services privately.
4. The HOA can handle neighborhood disputes
When people live in close proximity to each other, conflict is often inevitable. There could be problems for any number of reasons, from barking dogs to unkempt lawns, loud music and more.
When you live in an HOA neighborhood, you don’t have to deal directly with a neighbor who is causing you problems in the enjoyment of your own home. The HOA most likely has regulations related to common nuisances or problems that occur on a regular basis. They will take care of solving problems that arise between neighbors so that you do not have to deteriorate your relations with those who live near you or deal with the stress of a confrontation.
For all of these reasons, it’s worth considering an HOA neighborhood when buying a property. Remember that you must be comfortable with the rules set by the association, as you will also have to follow them.
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