Secure, comfortable, and positive: three things you want to feel when purchasing a home. However, sometimes investing in something that serious can bring a lot of anxiety. You want to be sure you’re making a good investment; that you’re not putting your money into something that won’t be worth it in the long run. To ensure positive growth in your investment and ease that anxiety, you may want to consider purchasing a home that is a part of a Homeowners Association.
A Homeowners Association exists for the sole purpose of upholding a community to certain standards and regulations that boost home and property values. According to the Henderson Institute, “Homes in communities with a homeowner’s association are typically listed and sell for 5-6% more than their counterpart homes in areas without an HOA.” Being a part of an HOA ensures that your home will be upheld to standards of the market, therefore will maintain or increase your property value.
An HOA takes care of your home; it manages repairs and upkeep, creates a cohesive community, and manages the neighborhood.
- Home Maintenance
Most HOA’s have a set of rules and regulations of how homeowners should keep their lawns, paint their houses and keep it uniform with the rest of the neighborhood. Although it may be frustrating to be limited in your home’s upkeep, the HOA’s main goal is to create a pleasant environment that heightens property values. With the HOA managing the upkeep, you have more time to simply enjoy being in your new home!
- Cohesive Community
An HOA brings the community together because everyone is pitching in to make what the HOA contributes to the neighborhood possible. This could be a contribution to a neighborhood park, tennis court, or swimming pool where everyone can mingle. An engaged and tight-knit community is highly desirable and can raise property value immensely.
- Neighborhood Management
Problems are bound to arise, even in a well-run community. An HOA can handle that unabiding neighbor or the pesky trees that overhang your yard from theirs. With set rules and regulations also comes the penalty of not following them. They will be able to resolve conflicts as soon as they arise which anyone would want for themselves and their community.
There are many benefits to joining an HOA, but the biggest one is being a part of the community and feeling connected to your neighbors. Not only will you have your dream home but you will also be a part of something bigger and your property value will be getting bigger.