What's the fuss about homeowner associations, anyway?
Perhaps you're looking to buy a home and need to decide between buying an HOA home and a non-HOA home. Or maybe you live in a community with proposals to convert it into an HOA. Regardless of your situation, you're left wondering why everyone desires to live in an HOA community.
Come along as we discuss the key benefits of having an HOA. Learn how you stand to reap from buying an HOA home or supporting the conversion of your community into an HOA.
1. Preservation of Property Value
As a homeowner, one of your primary goals is to preserve the value of your property. You paid an arm and a leg for it, and you don't want to see your investment go down the drain.
Although real estate is known to be an asset that gains value over time, the growth isn't automatic. Many variables affect the value of a home, including location and prevailing economic conditions. Another thing that can affect home value? Association communities!
HOAs enforce community guidelines on issues like property maintenance, which goes a long way in keeping the community appealing to prospective buyers. This helps maintain home values, and can even see values appreciate at a faster rate than comparable non-HOA homes. In fact, the National Association of Realtors notes that HOA homes are typically 5-6% worth more than non-HOA homes.
2. Communal Amenities
What's the first thing that comes to mind when you think of an HOA community? Besides the homes that often have the same architectural style, you'll think of the clubhouses, swimming pools, driveways, and pet parks that are accessible to every resident.
Communal amenities add to the allure of HOA living. Residents don't have to go too far to find a fitness studio or a grocery store. Every facility that makes for convenient living is only a few minutes' walk away.
These amenities are maintained by the HOA's management using the funds that are pooled from the homeowners. If you were wondering where the HOA fees go, you now have an answer!
3. Greater Sense of Community and Security
There's no denying that HOAs have a greater sense of community. HOAs organize periodic meetings where residents gather to know each other and air their views on various issues affecting the community. Seasonal events such as family fun days also boost community spirit.
HOAs also employ security service providers to man the community, which enhances the sense of safety among the residents. Security incidents are rare and, when they occur, are dealt with swiftly.
Enjoy the Benefits of Having an HOA
In an HOA community, homeowners enjoy better property value preservation, have convenient access to amenities, and their sense of security is heightened. If you'd like to enjoy such benefits of having an HOA, it's time to make the move and purchase an HOA property.
At PMI Prestige, we will help you purchase a home in one of the HOA communities we manage. Our experienced real estate agents will provide you with all the necessary documentation.
Call us today to get started on your journey to HOA homeownership.
