If you’re buying a new home for the first time, you might wonder what a homeowners association is and why it’s beneficial.
Quite simply, an HOA is a group of homeowners that helps ensure that a community keeps its character and quality.
How does it do that? As three examples: HOAs are often in charge of maintaining the landscaping in common areas, running the clubhouse and community activities, and ensuring that homeowners maintain their property.
So as homebuyers consider whether they want to live in a community with an HOA, it’s important to consider the benefits:
Curb appeal
The HOA oversees the maintenance of such common area amenities as landscaping, ponds, green spaces, dog parks, and even a fitness center. The HOA will make sure the people hired to do the work are licensed, insured and trained professionals.
To maintain the consistent appearance of the community, an HOA manager will regularly drive through the community and, if needed, will send letters to homeowners if they are falling behind on upkeep. At the same time, the HOA checks for other issues. For example, if a streetlight is out, the HOA will get it fixed.
The HOA also provides deed enforcement for architectural guidelines such as external paint colors and outlines provisions such as not having street parking, where residents should put garbage cans, and other community standards.
Long-term value
The HOA has a reserve fund and an operating fund, so the community can handle day-to-day needs like pool maintenance and still save for bigger projects like replacing a clubhouse roof or adding a new amenity.
An HOA also helps support stable property values because the entire community is maintained, and therefore more appealing.
Security
If the community has an access gate, or one at each entrance, the HOA will manage the gate and make sure it’s fully functional at all times.
The result? As a homeowner, you get peace of mind, knowing that the community will be maintained, from the common areas to the overall appearance.
In general, your home will be a great place to live for you and your family.
