Are you looking to buy a home that lies within a homeowners association? Many homebuyers aren’t clear on what homeowners associations entail and the many benefits of living in one.
Not to worry! Here is a simple breakdown of 4 advantages of living in an HOA.
How Do Homeowners Associations Work?
First things first, you may be wondering “How do homeowners associations work?”
Basically, homeowners who live within an HOA (or homeowners associations), pay a fee for the maintenance of the area. That fee varies depending on how much your HOA does for you.
Members of an HOA board are responsible for using the homeowners’ payments to take care of things like:
- Landscaping in shared spaces
- Street sign maintenance
- Gate and sidewalk maintenance and repair
- Maintaining shared community facilities like a pool, gym, or park
- Hiring a security guard for gates or pools
With all the different things an HOA can manage for you, it’s obvious there are going to be some serious perks.
1. Neighborhood Maintenance
One of the most frustrating things as a homeowner is to pay to keep your home and yard nice, only to have a neighbor who doesn’t care for their own space. Unfortunately, “junk-yard” neighbors can often hurt the value of your own home.
Luckily, quality HOAs such as VerraTerra set standards of yard and home maintenance. If your neighbor isn’t keeping their home neat, they can get fined.
Additionally, shared spaces like sidewalks or grassy areas are kept in good repair by the HOA. Your homeowners’ association fee helps pay for things like trimming the hedges, shoveling snow, and more.
2. Neighborhood Amenities
Public pools are nice… but private pools are usually nicer. When you’re a member of a homeowners association, your funds often go to pay for a private neighborhood pool.
Many other private amenities are often available through your HOA. Tennis courts, biking trails, swimming pools, splash pads, basketball courts, and more!
All are maintained and made available to you by your HOA.
3. Community Unity
Say that five times fast! But seriously, community unity is often another benefit of participating in an HOA. Many neighborhood HOAs sponsor great events like Easter egg hunts, Christmas celebrations, or things like movie nights on the lawn.
If you’re one for reaching out and getting to know your neighbors, an HOA is a great way to feel unified with the people who live around you.
4. Greater Financial Security
One of the most valuable perks of living within a homeowners association is the added financial security it brings. For example, if a natural disaster like a flood happens, often the HOA agreement covers the cost of damages.
Certain events or damages to your property can fall under the umbrella of HOA responsibility. Certain kinds of mold, pipe leaks or other natural disasters may not become your burden to pay for.
Are Homeowners Associations Worth It?
The answer is up to you. Still, homeowners associations can be an excellent way to enjoy great amenities while building strong bonds with your neighbors. They can also be a sound investment in the quality and value of your home.
For more helpful articles, browse the Lifestyle portion of our blog.