3 Top Benefits of Homeowners Association Living
On average,100,000 households in the UK move into a new home every month, according to a recent report published by The Telegraph. Although many different housing options are available to prospective buyers, when investing in a new home, Homeowners Associations (HOAs) remain in high demand. HOAs have become especially popular among young prospective homeowners than inner-city apartments have; even though HOAs are often on the receiving end of a lot of criticism and accused of being tyrannical, they also have a lot of merits. Residents’ overall quality of life is higher in these communities, and the properties also turn out to be more lucrative investments. Let’s examine three of the many benefits of HOAs, a bit more closely.
It Keeps the Property Prices Stable
One reason why people buy into an HOA is due to how it can help ensure the stability of property prices. Anyone who invests money in a home would want it to either increase in value as time passes or, at the very least, retain its original value. While you may have unlimited power over maintaining and upgrading your property, you do not yield any power regarding your neighbours. In HOA communities, however, homeowners must uphold the community’s standards and keep their properties well-maintained. The HOA’s Board of directors knows how to select HOA vendors based on their expertise, standards, and rates. These vendors can be enlisted to perform various services, including general maintenance, accounting, and garden care. It is still the responsibility of every resident to help ensure that private property and communal areas are kept in good condition.
There is Ample Access to Amenities
The monthly/annual fees that are typically paid to an HOA don’t exist to line the pockets of the Board of Directors simply. The majority of these fees are used to the benefit of the residents in the community. Although there is no prescribed set of amenities that have to be available in an HOA community, those that are well-established do typically have a lot to offer residents. These amenities include communal swimming pools, tennis courts, playgrounds, walking paths, clubhouses, on-site shops, fitness centres, and restaurants. The fees paid to the HOA are used to pay for the development and upkeep of these amenities, which, in turn, keep the residents happy and make the community appealing to potential investors.
Enjoy Heightened Security
Considering that a home invasion takes place every 164 seconds somewhere in the UK, it is not surprising that security is a top priority among homeowners. In addition to ensuring the properties are well-maintained and offer enjoyable amenities to residents, the HOA Board of Directors is also tasked with optimising security within the community. This includes ensuring that perimeter fences, walls, and access gates to the community are well-maintained and that all alarm systems are in good working order. The HOA is also responsible for limiting disputes between residents and amicably resolving them when they arise. Instead of voicing their concerns directly with their neighbours, residents can approach the HOA to serve as a mediator instead.
Community Engagement is Boosted
Neighbourly love has become a rare commodity over the past few decades, with countless people never speaking to their immediate neighbours. Community engagement is, however, one of the biggest perks of living in an HOA. Residents are continuously involved in community activities where they can meet other residents and form lasting friendships with like-minded individuals. These activities range from a simple annual residents’ meeting or forum to a sporting or communal BBQ. Opportunities also exist for residents to serve their immediate community by volunteering on various committees or assisting with anything from helping to maintain the gardens to doing patrols to ensure the safety of all residents.
Rules Reduce Nuisance Behaviour
Every resident living in an HOA is held to the same standards when it comes to maintaining the exterior of their home. This also applies to parking privileges, adhering to noise policies, pet ownership, and other standard homeownership guidelines. While these rules and policies may seem excessively militant to some, they serve an essential purpose and help to promote peace and a high standard of living within the community. All prospective homeowners must familiarise themselves with the rules and regulations of an HOA before signing on any dotted line. HOA boards do not tolerate unruly behaviour, and anyone in contravention of their rules may find themselves in boiling water.
Earn Extensive Bragging Rights
As stated, HOAs have stringent policies that ensure that the entire property is always neat and well-maintained, providing residents with the bragging rights associated with living in a sought-after community. These policies will include stringent guidelines about the community’s aesthetics, safety and security, and general atmosphere. Regulations will cover aspects such as the upkeep of private and communal gardens, the parking of large vehicles on the street, restrictions on the colour of exterior paint, and the construction of external features such as a porch or carport.
There are many benefits to living in an HOA community in the UK. HOAs ensure that property prices remain stable, that there are many enjoyable amenities at residents’ disposal, and that all residents enjoy optimal safety.