The Great Debate: Are HOAs Good or Bad for Your Neighborhood?
HOA or Homeowners Associations are becoming increasingly common in neighborhoods. Often, complaints are heard about the strictness of homeowners associations and the numerous rules that should be followed. You often hear, "NEVER JOIN AN HOA", and yes, some are a nightmare, in fact they can completely wreck your investment if the board is awful. However, an affordable
well ran one can really add value to your property. So, Are HOA's Good or Bad?
It’s essential to understand the many benefits that come with HOA involvement. Without them and depending on the area, you can have more headaches with neighbors than you ever expected. Worse yet, your property value can significantly drop because the overall area is not maintained to a standard. I know the payments aren't fun, but let's look at the value it adds. It really may be worth it in the long run.
Increased Home Value
The presence of a highly functional HOA can increase home value in the neighborhood. The regulations and rules established by the HOA are made to protect the property’s value. The main purpose of the HOA is to ensure that a group or an individual can’t impact the home’s market value negatively in the neighborhood. As a result, a rule becomes a necessity. While numerous people can be turned off by regulations and rules, it’s one of the main reasons that HOAs remain popular. Without the rules, homeowners could act without consequences. Due to this, a few homeowners would have to impact the majority in a negative manner.
Amenities
The majority of HOAs have the benefit of providing the neighborhood with a lot of amenities including pools, golf courses, tennis courts, protective gates, and others. Other than that, the fees on HOAs can be utilized for ground maintenance that can help keep the neighborhood’s appearance. With this, the neighborhood develops a community-oriented atmosphere. The added amenities can increase the enjoyment of living in communities.
Gets Rid of Community’s Detrimental Members
While the HOA is responsible for enforcing the regulations and rules, the existence of the HOA can prevent unruly behavior. Homeowners who can’t comply with the regulations and rules will be less likely to buy a home that has an HOA. Because of this, the community is more likely to share the same values and goals.
Your Interests Can Be Protected
The requirements for mandatory membership might be a bit off-putting at first, yet it’s what provides HOAs with the organizational resources they require to lobby for members on a local political level. Seventy percent of the HOAs keep track of the local government decisions as well as lobby for the best interest of their members.
Access to Community Mediation and Management
You might still have the risk of having a problem with your neighbor in an HOA community, yet the upside is you will have a way to get your problem resolved. You might have HOA management handle the problem or mediate discussions instead of getting into a war of words with a troublesome neighbor.
Have More Control on Restrictions
If you’re renting an apartment, you’re at the mercy of the building management. In single-family homes in non-HOA neighborhoods, you should abide by zoning codes and laws adopted by the public bodies. With HOAs, all rules are composed for and by homeowners elected by you and your neighborhoods. This technique of collective management provides you more influence over the community.
Boosts Security in the Community
Most HOA developments are actually inside gated communities, which limit neighborhood access to invitees and residents. Other HOAs have their private security forces. You can be assured that with HOAs monitoring everything for you, you will feel much safer in your neighborhood.
To top it all, the benefits of having an HOA outweigh its disadvantages if the cost is right and they aren't crazy people. HOAs do hold the community to a higher standard, which actually holds the values.
