By definition, Homeowners Association is a legal entity developed by real estate developers to manage and sell a community of homes. HOA has the right to enforce the conditions, covenants, and restrictions of the community along with managing the common amenities given to its members. HOAs offer residents of countless neighborhoods and developments with the same lifestyle of their choice. If you are not sure if you need an HOA, then check out seven reasons to understand how crucial and valuable HOAs is going to be:
Recreational Amenities – The majority of homeowners associations offer recreational amenities for its members exclusively. Such amenities allow homeowners of all incomes the advantage of several desirable amenities, which include swimming pools, tennis courts, trails, and parks.
Neighborhood Fees Make A Huge Difference – For those who are associated with homeowners’ associations, they will have to pay a monthly or yearly fee. But, by paying these fees, people can transform their average neighborhood into a highly sought after place to call home. Moreover, it is easier to pay annual fees because it’s cheaper. Add amenity maintenance, landscaping costs, trash pick-up, and other costs, and you will pay a lot less because everybody in the community will share the expenses.
Shared Values – An HOA provides individuals with an opportunity to make changes to their neighborhood by enforcing certain covenants. Residents can agree on what they want to see in their neighborhood and then, implement the rules accordingly.
Maintain Property Values – As of now, the rules and covenants enforced by Homeowners Associations are meant to maintain property values instead of limiting your personal choice. There will be rules for keeping the home’s exterior spic and span, maintain lawn along with having approved fence types and materials, plants, trees, and more. Some individuals may find this regulation as binding or limiting but are meant to keep the value of every house in the development at a decent level. If the community is properly maintained, the prices of the house will definitely increase.
Clear Guidelines Help Avoid Problems – With the changing time, the average size of house lots have got smaller as well, which brought the neighbors close to one another. People don’t want to see old cars on blocks, pink houses, or unfinished decks, so if there are clear guidelines, then there won’t be any confusion on what is allowed and what is not, which will result in a more friendly environment for residents to live.
Community Events – HOAs promote positive relationships between neighbors by organizing community events from time to time. Such events allow neighbors to meet and interact with each other in order to create a better understanding.
Produce Content Homeowners– Several results show that people living in communities set up by Homeowners Associations are satisfied with them.
But, if you have any doubts in mind, then you must get in touch with a professional to understand in detail as to how HOAs work. PIF Lending is one such company to help you understand if you really need Homeowners Association or not.