HOAs face critics from people who aren’t crazy about having an organization dictate what they can and can’t do with their property. They are wary of living under bylaws that come with fines for violations. HOAs aren’t for everyone, but there are many positives. Here are just a few of the reasons your neighborhood can benefit from one.
They Provide Services the City Can’t
HOAs often pay for exclusive services that go above and beyond what you get from your town or city. From basic maintenance to infrastructure development, a well-managed HOA will keep your community safe and beautiful.
They Create a Buffer Against Domino Foreclosures
Thanks to their hyper-local nature, HOAs usually excel at detecting which homeowners are in economic distress. This means that they are better able to minimize negative spillover from foreclosures in their communities. They can act quickly to keep such homes in shape and maintain the vibrancy that’s always been a part of the community.
They Stabilize Property Values
HOA communities generally have rules for a reason, and one of the biggest reasons for those rules is that they keep property values from declining. This goes hand-in-hand with the above point; tough economic times or not, HOAs keep their communities going strong. In fact, in some cases…
They Can Boost the Value of Your Home
Thanks to the targeted services and community control HOAs offer, homes in HOAs tend to sell at a premium relative to houses not in HOAs. That means that if and when you decide to sell, you’ll be doing so at a higher price than you would get if you were in a non-HOA community.
They Provide Recreational Amenities
Do you love spending time outside? If so, the tennis courts, swimming pools, greenways, and parks that many HOAs build and maintain will appeal to you. People living in HOA communities tend to have easier access to such recreational amenities.
They Provide Home Maintenance Services
Sure, many homeowners’ associations have rules about each home’s appearance, but they also provide maintenance services to ensure that your home is always up to par. Why not leave the project of, say, painting your home’s exterior to the professionals hired by your HOA?
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