Let’s talk about homeowners’ associations! Studies have shown that American families have a 1 in 5 chance of living in a home with an HOA. Since that is the case, I find it beneficial to have some idea of what you would or would not be looking for in an HOA as you house hunt. Because each homeowners’ association is different, I wanted to answer some of the biggest questions regarding what an HOA is and what being part of one could entail.
- What is an HOA? A homeowners association exists to protect, maintain, and improve the value of your home and property. It is an association that governs the specific housing community you belong to. Each HOA has a document entitled, “Declaration of Covenants, Conditions, and Restrictions.” This document specifies what the expectation for the members of the HOA entails and what is prohibited in your specific housing development.
- What is included in an HOA membership? If you buy a property that is part of a community governed by an HOA, you are automatically a member. This means that you will pay a monthly membership fee. These fees are dependent on each specific HOA, as well as what shared expenses may be included. These expenses could be things like landscaping, community pool maintenance, golf course upkeep, pest control services, trash removal, security, and other things.
- Who governs an HOA? The homeowners themselves! This is the beauty of an HOA: the board consists of volunteers from your housing community that are passionate about maintaining and protecting the quality of your housing development. This means that you could potentially join the board as well, if you have an interest!
- What are the benefits of having an HOA? There are many benefits that come with having an HOA! For one thing, you will have amenities and services available to you that are included in your monthly fee, such as a public swimming pool, use of a local clubhouse, or a gym. Communities with an HOA often enjoy a high standard of cleanliness and order since the maintenance and appearance of homes are more regulated. For these reasons, homes that are part of a homeowners’ association also have a certain level of security regarding the long-term value of their home.
Ultimately, whether having an HOA is a priority or not is a decision that each client gets to make for themselves! This is one of the reasons that I find the process of unlocking new doors so thrilling. I love assisting clients as they weigh the pros and cons presented to them and find the solution that fits their personal needs the best. If you have any further questions regarding HOAs, or any other aspect of the housing market, I’d love to chat with you!