A well-run Homeowners Association (HOA) can lead to an increase in property value and heightened satisfaction from owners and can considerably enhance your home ownership experience. A recent survey from The Community Associations Institute reported 84% of HOA members stated their governing board continually acted in the best interest of their community, and that 85% of HOA residents shared the same positive experience. The best part? Favorable results such as these have been on the rise for over the past decade. Below are a few notable benefits to living in a common-interest development, managed by a Homeowner Association:
- Great Aesthetics – Living in a neighborhood with an HOA equates to a communal effort to keeping a well-maintained appearance. As a result, shared amenities, such as community parks or outdoor areas are more likely to be in tip-top shape.
- Bonding Within the Community – Survey results indicate that community involvement, buyers who get involved with the HOA, is a great way to create bonding and a sense of community. Getting to know the neighbors and make new friends, and working toward a common goal together is the bonding tool that can help create a harmonious community.
- Maintained Property Values – HOA rules and regulations set out provisions that help manage the community by prohibiting behaviors and displays that bring down the value of the other homes in the neighborhood. In addition to providing excellent peace of mind, homes in common-interest developments tend to sell at 5%-6% above the rate of an identical home in a neighborhood that does not include an HOA.
- Less Legwork for Homeowners – Many HOAs take care of trash removal, gardening, snow removal, recycling, and other tasks, averting these headaches for individual homeowners. Because HOAs have set standards, they can also reduce the odds of any potential conflict with your neighbors, such as yard maintenance and noise control, by helping settle the dispute rather than relying on direct confrontation between neighbors.
With great attributes such as these, it is easy to see why common-interest developments have gained popularity and are considered an excellent selection for a happy home-sales and home-ownership experience!