Homeowners Association (HOA) has grown in popularity since the 1970s. Did you know that over 50% of the US population lives in HOA-managed communities? HOA communities continue to grow, with about 8,000 new associations formed annually.
In particular, North Carolina has over 14,000 HOAs, with up to 2.70 residents living in HOA-managed communities. So, why are HOA communities continuing to grow and flourish? This article shares the basics of HOA and several benefits of living in one.
Understanding HOA
HOA is a nonprofit organization in a designated residential community or neighborhood. It is often managed by a board of directors elected by the community’s residents every year. Some HOA also employs an HOA management company to provide expert services such as bookkeeping, document maintenance, property management, board members training, and so much more to ensure the highest standard of service in a community.
To better serve their neighborhoods and communities, HOA often implements regulations and rules that each resident agrees to abide to when joining the organization. Also, monthly fees and dues are typically associated with membership to help maintain the community.
Benefits Of Moving To A HOA-Managed Home
Choosing a home within an HOA community comes with numerous benefits. However, note that no two HOAs are exactly alike, and the individual benefits may vary from one homeowner to another. That said, in a well-managed HOA community, here are the general benefits you can enjoy.
1. You Can Enjoy Various Community Amenities
One of the biggest benefits of moving to an HOA-managed home is access to various amenities. Each HOA community offers varying amenities. That said, some of the most common perks offered include:
- Swimming pools
- Playground and park
- Clubhouse
- Gym or fitness center
- Sport courts
These amenities help enhance the lifestyle of residents, creating spaces for social connection and community interaction. As a bonus, HOA amenities are exclusive for the residents and guests, making them better maintained and less crowded than public amenities.
2. It Ensures Stable Or Higher Property Values
HOAs are probably best known for ensuring stable or increased property values. As a homeowner, you want to ensure that your home and property retain or improve their value over time. HOA communities can help you with that.
Fees and dues collected monthly are used for upgrading the community. This contribution allows HOA communities to keep up and improve their home values. In addition, HOAs implement strict rules and regulations requiring all homeowners to keep their property well-maintained. This helps keep the neighborhood desirable and protect your investment.
Moreover, the various community amenities available in an HOA neighborhood also attract more potential buyers, helping you sell your home faster.
3. It Reduces Maintenance Responsibilities
Generally, most HOA manages basic property maintenance responsibilities. Some associations cover utilities and maintenance tasks such as:
- Trash collection and recycling
- Gas
- Water
- Sewer
- Landscaping
- Pest control
The cost for these utilities and maintenance services are often included in your HOA fees. Although it can significantly influence your membership cost, it can remove the tedious tasks from your schedule, giving you time to focus on more important things in your life.
Please note that each HOA will vary in the amount of maintenance and responsibility taken from residents.
4. It Ensures Peaceful Living
Every homeowner, especially families with little kids, prefers living in peaceful and safe communities. Fortunately, this is another function of any well-established HOA management.
As mentioned before, HOA has strict rules and regulations within their community. Some of these rules focus on ensuring a peaceful and safe community living. For instance, HOA may have rules on parking issues, neighbor disputes, partying and noise regulations, and more.
They handle residential complaints and other incidents that may violate HOA covenants, strictly and fairly implementing the regulations. Furthermore, most communities invest in neighborhood security to bring peace of mind to residents.
5. It Encourages A Sense Of Community
HOA-managed communities strongly embody the famous saying, ‘No man is an island.’ Living in a neighborhood governed by an HOA can help tie the community together. This helps create a community with a neighborly and friendly atmosphere.
Every resident has a common ground, providing great opportunities to socialize and get to know each other. Also, with shared community amenities, it’s easier for residents to develop lasting bonds with their neighbors, creating tight-knitted communities and more harmonious living.
Takeaway
As you can see, you can enjoy numerous benefits if you decide to move into an HOA-managed community. They are formed to help their community reach the highest quality of living possible. Also, the best HOAs can improve your residential life and provide a sense of belonging in a community.
