Homeowner Association (HOA) fees seem like they’re just going up and never going down. The costs of living keep going up.
Ever-rising bills can be stressful, especially for families with children in the house. In this day and age, most people are struggling to make ends meet. There is always something more to buy, more to pay for and more expenses that need prioritization.
The HOA might not seem not worth the expense at first glance. However, according to the 2020 Homeowner Satisfaction Survey, homeowners can get many benefits from their HOA. Read on to learn why an HOA-managed property can improve the quality of life and the organization of your community.
What Does An HOA Do?
An HOA, sometimes called Community Owner Association (COA), is an organization of people living in one community. They share ownership of the common property in a neighborhood. It is commonly composed of property owners within a specific geographical region.
The Benefit Of Being A Member Of The HOA
A 2019 research conducted by the microeconomist Clark and Freedman pushed the surge of properties managed by HOAs. It shows that HOA-managed properties have a higher chance of being occupied than non-HOA. In another survey, 65.1% of homes in 2020 are part of an HO, an increase of 5.5% compared to 2019.
With the increase in population, urbanization, and global warming, there has been an increased need for more sustainable living. The government is also taking the initiative to make housing more sustainable. One of these initiatives is to support community association management services.
Are you still on the fence about HOAs? Below are some benefits of an HOA:
1. Increased Sustainability By Reducing Waste And Increasing Recycling
The HOA’s primary responsibility is to maintain the neighborhood’s common areas, such as parks, pools, sidewalks, and roads. They also manage landscaping and other services provided to homeowners in their community.
2. Decreased Cost Of Maintenance
HOA management services have been around for a while. However, the HOA industry is experiencing a boom due to decreasing maintenance costs.
Instead of hiring another company to do it, HOAs already maintain the safety and beauty of a community. They provide lawn care, snow removal, and trash pickup. Some associations are responsible for the upkeep of common areas like parks, streets, sidewalks, and recreational facilities.
3. Increased Sense Of Community
Living in an HOA lets you make friends and meet people through shared events, social media pages, and local community meetings. It makes that initial integration into the neighborhood so much easier.
Social interaction is a crucial part of the culture. It helps people to form strong relationships, which in turn creates a sense of community.
4. Increased Appraisal Value
The HOA industry is projected to grow, so many people are looking for these services. The organization was set up by a group interested in improving their neighborhood, beautifying and regulating safety, and attracting many potential homeowners. Increasing the demand and price of units.
5. Better Quality Of Life With Inclusive Utility
HOAs have more inclusive utilities, such as public transportation, electricity, water, recycling services, and internet access. They also provide other services like security patrols and garbage pickup. The HOA may also maintain common facilities like pools, tennis courts, and clubhouses.
6. Lower Insurance Rates
One of the most popular benefits of joining an HOA is that it allows you to take advantage of lower insurance rates. This is because HOAs often have agreements with insurance providers, allowing members to get discounted policy rates. Some HOA management services, like Charlotte HOA management services, offer insurance rehabilitation in case of disaster and fire.
