HOAs have been around for many years, but have often been criticized for their hidden costs, unfair rules, and complicated procedures. However, over the past few years, HOAs have changed their tactics by working to improve their public image. HOAs now also seek the services of HOA management companies for providing more value to their community. These companies are experts in their field and perform a variety of services for HOAs. For example, management companies may be tasked to manage and maintain the community’s landscaping, water systems, and well systems. They also attend to most of the administrative duties for the HOA.
The following article will explore some of the pros and cons of belonging to an HOA as well as explore how HOAs can be a good option for homeowners.
The Pros:
- Enforce community rules
HOAs set and enforce rules that are fair and uniform for every resident. Some of the rules that may be included in an HOA include regulations about home exterior lighting, parking, noise management, and pool/spa rules and regulations. By enacting these rules, the community will take on a more attractive appearance as well as provide residents with a higher quality of living.
- Protect property values
HOAs work as an advocate for residents by enforcing rules that preserve property values. For example, HOAs may demand the removal of ugly junk or debris from homes or establish landscape standards that prevent overgrown or messy yards. This in turn makes for a more appealing community for potential buyers.
- Provides and maintains amenities
HOAs may offer a variety of great amenities, such as pools, parks, playgrounds, and more. By owning an HOA property, you are likely to have access to affordable amenities that you would not be able to obtain on your own. Moreover, these amenities can add value to the property.
The Cons:
- Impose fees, dues, and assessments
Although you may not be required to pay a membership fee, there are major fees associated with being a member of an HOA. For instance, if they wish to build a new structure within your community, you may need to pay additional fees.
- Maintain restrictive regulations
In some cases, HOA regulations may be forced upon you including the color of your house, which colors to paint your house, and what maintenance you can perform on your property. While these regulations may protect the exterior appearance of the community, they also are a form of control over its residents.
