Top 10 Benefits of Living in an HOA
When you consider purchasing a home within an HOA for the first time, there are many questions you may have. The most commonly asked question, aside from what is the purpose of an HOA is, what are the benefits of living in a homeowners association (HOA)?
First, it is essential to understand that no two HOAs are exactly alike. The amenities/common areas shared, the HOA fees billed, the agreed guidelines to live by are all dependent variables in each community, and the individual benefits of these variables may vary from one homeowner to another.
In a well-managed HOA, there are numerous benefits, and below we have identified the Top 10 Benefits of living in an HOA.
10. Architectural Controls
HOA members are required to submit for approval any modification projects to the exterior of their home. The Architectural Control Committee (ACC) reviews each submittal to ensure consistency and continuity with original community design standards.
Research has shown that there seems to be a strong link between well-implemented homeowner association (HOA) architectural guidelines and higher property values (Community Associations Institute Foundation, 2017). This connection is likely due to the fact that effective enforcement of these rules helps preserve the community's visual charm and overall quality, making it a more desirable place to live.
9. Increased Community Engagement
Community gatherings and activities such as Movie in the Park or holiday-themed festivals bring neighbors closer together. Regardless of the community's size, there is a sense of camaraderie and joy among neighbors at any community event.
There have been studies that suggest a positive correlation between community engagement and living in a homeowners association (HOA). These studies indicate that HOAs can facilitate increased social interaction and community involvement, leading to a stronger sense of community and a higher quality of life for residents.
8. Access to Amenities
Many communities feature walking trails, sports courts, swimming pools, barbecue pits, and neighborhood parks that are available for resident use. Depending on the community you choose to buy a home in, there is likely an amenity or two to fit you and your family's lifestyle.
7. Well-Maintained Common Areas and Amenities
HOAs typically do an outstanding job maintaining their common areas and amenities. This includes manicured and over-seeded common area lawns, freshly painted walls, lighting that works and clean play areas, etc. If the neighborhood looks good, the community feels good.
6. Increased Community Pride
Community activities and events help bring neighbors together, which increases the pride of ownership and HOA membership within the community. There was a study conducted a multilevel analysis of data from the 2012 American Housing Survey (AHS) to examine the impact of HOAs on neighborhood satisfaction and community pride. Their findings suggest that living in an HOA has a positive effect on residents' perception of their community, as well as on neighborhood satisfaction.
The study also found that residents in HOAs are more likely to express pride in their communities and participate in local activities, which in turn fosters a sense of belonging and engagement in the neighborhood.
5. Rules and Regulations Deter Nuisance Activity
Each resident who owns a home in the community is held to the same set of standards for the upkeep of their home's exterior, as well as the adherence to noise policies, parking restrictions, short-term rental guidelines, etc.
4. Added Layer of Support
Living in an HOA not only offers an array of practical benefits but also instills confidence in the community's ability to maintain high standards. The added layer of support through effective partnerships with municipal code compliance departments demonstrates how HOAs are committed to delivering a superior living experience for all residents.
3. Community Connection through Volunteer Work
Opportunities to be of service to your community by volunteering to serve on the Board of Directors is not only a great way to make new friends, but it offers individual members of the association a deeper connection to the community.
2. Financial Stability
A well-managed HOA has a reserve study in place. A Reserve study helps the HOA plan and set aside funds for future common area repairs and capital improvements, such as fixing sidewalks, repainting buildings, or upgrading playground equipment. By having these funds available, the HOA reduces the likelihood of needing a special assessment, which is a one-time fee charged to residents to cover unexpected expenses.
With a well-funded reserve, residents can enjoy a well-maintained community without the worry of unexpected financial burdens. and funds available for future common area repairs and capital improvements, thereby reducing the likelihood of needing a special assessment.
A study published Association Reserves found that homes in HOAs with well-funded reserve accounts had higher sales prices and were more likely to appreciate in value compared to homes in HOAs without adequate reserves.
And the number one benefit of living in a well-managed HOA…
1. Helping Maintain Property Values
Since residents are held accountable to deed restrictions, homes and common areas are consistently taken care of and well-maintained.
Living in a well-run association can provide a stable and well-maintained community that can contribute to the maintenance and appreciation of property values. However, it's important to keep in mind that the impact of HOAs on property values can vary depending on the specific HOA and its management, as well as other factors such as the local real estate market.