You’ve heard of an HOA before, and you might even know about how they work and why they’re valuable in many neighborhoods. However, the best way to take full advantage of what they can do for you, as a homeowner, is to go in-depth with everything you need to know about an HOA!
How can we benefit from an HOA?
What is an HOA?
Home Owners Associations (HOA) are boards that help keep an eye, formally, on specific neighborhoods and communities. They have authority over that neighborhood and ensure that it looks and feels the way they intended it. This is GREAT for those who are looking for a particular neighborhood, that is well kept, continuously, thus keeping your property value.
How does an HOA work?
The roles of an HOA fall into a few departments. First and foremost, they will enforce whatever rules and regulations they put into play (more on that later). This helps keep a level of consistency in the neighborhood, and it’s a huge reason why many will consider them.
An HOA will also offer specific property management perks. For example, repairing siding, landscaping, setting up trash/dumpster services, and lawn care services. This is all included in the HOA fees that you pay.
You’ll know beforehand how your specific HOA works as far as the services included, any requirements that you must meet, and more.
What are HOA fees for?
Since your home’s property will have specific tasks and may have various features included with it (pool access, tennis courts or playgrounds, lawn care, country club, golf course, security, etc.), you’ll need to have equalized payments to help provide those services for everyone in the neighborhood free of charge.
You’ll pay dues, aka fees, monthly or annually to provide those services. When moving into your home, you should get a packet of information to help you understand what the fees are and what they’re providing for you. Even if you don’t use those services, you are expected to pay the fees. This works in your favor if you intend on taking full advantage of those services! Since you are paying for them, make use of them.
What are the benefits of living in an HOA community?
There are quite a few benefits to living in a community governed by an HOA. The first one is that it will be carefully designed to bring together a group of homeowners who pass the same “tests” that you do. This is a great perk for those who want a very suburban neighborhood vibe. Similarly, living in a community that keeps an eye out for each other or has security to do that for you, or both, is surely peace of mind.
Second, you’ll enjoy convenience. From general contractors for siding or driveway resurfacing to lawn care, garbage disposal and recycling, it’s usually all taken care of at no additional charge when living in those neighborhoods—more time and energy to dedicate to other important responsibilities.
Third, many insurance companies prefer those clients who live in an HOA community. Not only does that HOA have a reputation that may help you enjoy lower premiums, but the central goal of an HOA is to increase or maintain property values. This works in favor of your insurance agent as well as you. Something to think about!
An HOA may get a bad reputation by some but many find it to be very valuable, it is not nearly as dreadful as it may seem when you consider the alternative and/or what you get for those HOA fees! With that in mind, search for your new neighborhood with this valuable information in mind!