Homeowners associations (HOA) are becoming increasingly common in neighborhoods throughout the country. Complaints are often heard regarding the strictness of homeowners associations and the many rules that homeowners must follow. However, it is important to understand the many advantages that come with involvement in an HOA.
Most homeowners associations have the benefit of providing the neighborhood with numerous amenities such as tennis courts, golf courses, pools, a protective gate and many others. Furthermore, HOA fees can be used for ground maintenance, which can help maintain the appearance of the entire neighborhood. As a result, the neighborhood develops a community oriented atmosphere. The addition of amenities can substantially increase the enjoyment of living in a community.
Increase in home value.
The presence of a highly functional HOA can dramatically increase the value of homes in the neighborhood. The rules and regulations established by an HOA are designed to protect the value of each property. The primary purpose of the homeowners association is to ensure that an individual or group cannot negatively impact the market value of homes in the neighborhood. As a result, rules become a necessity. While many people may be turned off by rules and regulations, it is one of the primary reasons that homeowners associations remain popular. Without rules, homeowners would be able to act without consequences. As a result, one or a few homeowners would have the ability to negatively impact the majority.
Deters detrimental members of the community
While an HOA is responsible for enforcing rules and regulations, the mere existence of an HOA can prevent unruly behavior. Homeowners who are unable to comply with rules and regulations will be less likely to purchase a home that includes an HOA. As a result, the community will be more likely to share similar goals and values.
Overall, the advantages of having an HOA far outweigh its disadvantages. Homeowners associations hold the community to a higher standard, thereby improving the experience for everyone.