You’ve probably heard of the term HOA before, short for homeowners’ association, especially if you’ve bought in a modern single-family development. Simply put, an HOA is the governing group put in place to ensure your development looks its best & runs smoothly. Though terms vary from HOA to HOA, here are some common benefits of buying a home with an HOA.
Amenities. Many HOAs put a large portion of their fees toward common ground maintenance and amenities like a community swimming pool, tennis courts and recreational centers. These recreational amenities are reserved for residents to enjoy as part of their fees.
Support. Your HOA is in place to help deal with common neighborhood issues. Have an issue with your neighbor’s 50-foot inflatable Christmas decoration in their front yard? Your HOA team is in place to help manage situations like these so you don’t have to get involved directly.
Neighborhood Appearance. HOA fees also help sustain the beauty of your neighborhood by keeping it well lit, clean and landscaped. The associations have rules, regulations and standards that all residents must comply with in an effort to keep the neighborhood looking its best. Depending on the HOA, there could be rules on everything from exterior paint colors the type of cars allowed in your driveway (aka commercial vehicles, large campers etc.)
These are just a few of the benefits of an HOA. It’s important to read through your association’s regulations to understand exactly what you are agreeing to with your fees.