HOAs… What are they? What are the Benefits?
When looking for a new home, there are many things to consider, including the pros and cons of an HOA. HOAs are definitely something to talk about.
So, what are H.O.A.s?
HOA stands for Home Owner Association.
Homeowners Associations are formed by all the homeowners in a particular neighborhood that also has a formal, written document that governs the neighborhood. What does that mean exactly? Homeowners Associations are created to keep a clean and cohesive atmosphere throughout a neighborhood. Neighborhood residents elect members to serve the community in leadership roles serving the HOA.
They create bylaws that spell out the things that shall or shall not happen within that location. Some of those bylaws can include things like if you can have cars parked in the street for a long period of time, or how high your fence can be.
There are fees in every HOA that can range from under $25 dollars a month to $1,000 a month. Where does that money go? The money goes to things like taking care of community spaces like a park or pool, and in some cases city services like trash removal, water, and sewage. A portion of the month HOA dues is set aside for long-term maintenance on the buildings for things like roof replacements.
Some of the benefits of HOAs are having access to things like swimming pools and playgrounds. In some cases, they help with the weekly maintenance on the property like lawn care, pest control, and snow removal.
Probably one of the most important things the HOA accomplishes is that it protects your investment you have made in the purchase of the home or condo. The HOA accomplishes this by enforcing the rules and regulations of the neighborhood ensuring a neighbor doesn't do something on their property that would adversely affect neighborhood property values.