Homeowner's Associations a Huge Benefit to Communities

When purchasing a home that is a member of a Homeowner's Association (HOA), you may have a few questions about its purpose and its many benefits. 

Covenants are put in place by the developers and enforced by the HOA. It is the responsibility of the HOA to ensure that the covenants are being followed and to ensure the quality of the neighborhood is maintained in order to protect our home-owners investments. Typically, the general responsibility of the HOA is to maintain the entrance feature, common areas and amenities, while the homeowners are responsible for maintaining their curb appeal. 

Here are just a few of the various reasons belonging to an HOA will benefit you and your neighbors. 

MAINTAIN PROPERTY VALUES AND PROTECT INVESTENTS

Regulations require homeowners maintain their curb appeal, limit parking in the street/on sidewalks and limit activities that may produce heavy vehicle traffic or pose safety issues, among other requirements.

While you are free to make any additions or alterations to your home, you do need to go through an approval process with the HOA to ensure that certain design standards are met and property values are protected for all homeowners. 

IMPROVES THE NEIGHBORHOOD 

Annual HOA dues help fund the maintenance of the neighborhood common areas and amenities. Each year, they are collected and put into the neighborhood account and spent as necessary. They also help cover hazard insurance and provide reserve funds for future improvements. All homeowners are expected to pay these dues.

WELL-MAINTAINED COMMUNITIES

As mentioned previously, covenants outline rules and regulations for the homeowners to abide by. These covenants protect property values and make your community a more desired place to live. This is very advantageous to the homeowners in the neighborhood and prospective buyers who may want to live here. 

BETTER SENSE OF COMMUNITY

Having a great relationship with your neighbors is so important. During construction, the HOA is likely managed by an outside company of the builder/developers choosing. Once construction is complete, the HOA will be turned over to the residents who can then choose to manage the HOA themselves and board members will be selected. HOAs typically organize community events and gatherings and encourage neighbors to get to know each other. 

It is important to note that while construction is still underway, the HOA management company will not host HOA meetings, however, they still encourage you to come together as a community and discuss any questions/concerns you may have. This information can then be passed along to the HOA management company if/when necessary. 

Whether these get-togethers are in person or online (via a Facebook group or other platform) these HOA meetings and platforms for communication will allow all residents to be heard, encourage communication and allow the residents to build good relationships with one another. When everyone is working together for the goals of your community, everyone benefits!

If you have any more questions about the benefits of belonging to a Homeowner's Association, check out our FAQ or contact us today!