Many residential communities have HOA structures to manage and maintain the existing rules and regulations of the neighborhood. If you’re looking for family homes in a specific gated community, you’re likely to come across the terms HOA fees or HOA dues. But what is HOA, and what exactly is its purpose and importance in homeownership?
What is HOA?
HOA or Homeowners Association is a private organization whose main concerns revolve around developing and improving the community it represents. They also supervise some rules and regulations to uphold their status quo as a collective group. These regulations are supposed to help homeowners increase their property values over time.
The group usually consists of a board of directors that governs and reinforces the existing rules and regulations within their jurisdiction. Although having a house under the jurisdiction of an HOA undoubtedly improves your experience around the neighborhood, especially if you have common areas and shared facilities, you are immediately entitled to pay monthly dues for the maintenance and possible improvements of the community.
What are the benefits of HOA?
It’s a known fact that having a property under an HOA would cost homeowners extra for the monthly HOA fees, and there’s nothing you can do about it unless you move out of the house. But you might find that the fees you’ve paid all worth it.
- Community Engagement
HOA encourages homeowners to socialize with their neighbors to know them more and bond with them, especially children. Socializing often happens during parties, festivities, and other social gatherings the organization puts up for everyone to join. Children often make friends with the neighbors as they share the same facilities with other people, like the pool, walking trails, and parks.
- Ease of Access to Amenities
Speaking of shared facilities, most of the fees you’ll be paying for are used to maintain the common areas where you and your family can enjoy without any restrictions. You can take your children to the community pool, walk your pets to the mini-parks or maybe walk and jog along jogging trails.
- Less Nuisance from Neighbors
Members of the HOA make sure that the existing rules and regulations are strictly implemented throughout the community to achieve a peaceful and orderly neighborhood. The laws usually include parking restrictions and noise policies
- High Property Value
Since homeowners are obliged to follow specific rules that should coincide with the entire community, like a well-kept yard or uniform landscaping and house paint, this increases the property value and make the home a desirable place for future homebuyers.
The policies make sure that the community lives in harmony and maintains a high-status quo. Having this kind of community attracts other homebuyers looking for the best place for them and their children to grow up. Homes under HOA are commonly stereotyped as having very demanding house maintenance, but homeowners get many benefits from following the rules and regulations. But overall, it all boils down to your willingness and capabilities in choosing the right home for your family. As a top producing agent with 20+ years of experience in the East Bay, I have helped hundreds of clients successfully close escrow in the Greater San Francisco Bay area and the counties of Alameda and Contra Costa. My experience as a former appraiser allows me to help my clients understand the market and make the right offer. If you have any questions, I am here to be a resource for you.