The Five Big Benefits of HOA Living
When many homeowners think about buying a home with an homeowners association (HOA), they usually think of large monthly fees and their vote not counting for much. However, there are five big upsides to buying a home with a strong HOA that can outweigh those downsides if you’re looking for certain things in your next home.
If you’re looking at buying a home, there are major benefits to considering a homeowners association. Here are 5 reasons why!
1) The HOA protects your property values
You probably know that homeowners associations can play a role in telling homeowners what they can and cannot do with their properties. If you’ve ever visited a home where the grass is dead, there’s trash all over the yard or barbed wire fencing encircles the home, you’ll appreciate having an HOA protecting your property values.
2) You don’t have to worry about neighbors
Whether you’re happy with your neighbors or not, homeowners associations can be a huge help in easing tensions between homeowners. If you and a neighbor have differing views on how the property should look or who is responsible for picking up that pile of dog poop, the homeowners association can break the tie by voting and resolving these disputes.
3) You get amenities without lifting a finger
If there’s one thing homeowners associations are well known for, it’s amenities. If you’re looking for a homeowners association with a pool, tennis courts or clubhouse, your homeowners association fees usually cover these amenities, so you don’t have to worry about breaking the bank on monthly fees.
4) You may save money on homeowners insurance
Homeowners associations also play a role in vetting homeowners and their properties. If you live within an established homeowners association with strong landscaping or architectural standards, homeowners insurance companies may offer discounts because your home doesn’t pose as much risk to them anymore due to such high standards.
5) The HOA looks out for your best interest
The homeowners association protects homeowners against unfair borrowing practices: In addition to protecting homeowners against poor maintenance by others in the community, homeowners associations can protect homeowners against predatory lending practices such as adjustable rate mortgages (ARM). With homeowners associations pushing for stricter lending practices, homeowners homeowners are less likely to fall into these types of mortgages.
In Summary
With homeowners associations looking out for homeowners’ interests, you won’t need to worry about this downside of homeownership when you’re buying your next home with homeowners associations. The homeowners association provides homeowners with peace of mind by protecting their interests and property values.
There are many homeowners associations, or HOAs, that have rules and regulations homeowners must follow. While homeowners have to consider the impact on their finances of being part of an HOA, homeowners can weigh against that consideration the benefits of living in a well managed neighborhood.
