Long-term studies have determined that properties located in HOA-managed communities retain their value, even in an economic downturn.
Discerning home buyers look for communities that offer value for their investments, an enjoyable lifestyle, and a sense of belonging. Homeowners associations exist for the benefit of their owners and residents, and to enhance and preserve these benefits.
Long-term studies have determined that properties located in HOA-managed communities retain their value, even in an economic downturn. The following benefits combine to deliver this long-term value:
Governance in Action
A homeowner’s association is a local form of governance that works to enact and ensure the rights of its citizens. Representation by an HOA board assures owners of close control over the expenditures that come out of their funds. Board members are elected by the owners on the basis of their priorities, just as in a political election. They often live in the community and share the interests of their neighbors.
Boards are required to be transparent to their owners by meeting in local forums that homeowners are invited to attend. These meetings inform the community about a broad range of issues that can range from core services and amenities to curtailing a spike in vandalism. The transparency requirement extends to all of the actions the board may take, within the scope of the association documents and state law. *
Protect Property Values
The best-understood benefit of living in an HOA community is the protection of property values. HOAs accomplish this by requiring and enforcing property maintenance; ensuring aesthetic consistency; and maintaining the beauty, safety, and usefulness of common areas. In communities without an HOA, homeowners may neglect mowing their yards, paint their houses in ways that contrast with the general aesthetic, or build non-standard structures in their yards. The HOA prevents these possibilities from eroding the appeal of the community and individual property values.
Provide and Protect a Common Lifestyle
Homeowners choose to live in a community in which their neighbors share common values and lifestyles. Ideally, they choose communities in which they can form associations with people that share their value systems, beliefs, and needs.
Not only does the HOA facilitate a sense of community and shared values through democratic governance, but it also does so by enabling community members to join in common pursuits. Owners may vote to allocate HOA funds to amenities including pools, trails, or simple green space for community activities. They may form volunteer groups to explore ways to enhance social engagement between residents, or to form a neighborhood watch. They may enable owners with interests in landscaping or parenting to hold meetings in common areas, so that people with shared interests can form lasting relationships. All of these lifestyle-enhancing activities help to foster a sense of pride in the community.
For most of us, our home is our biggest investment. Learn more about the association you live in. Volunteer for a committee, attend a board meeting, and get involved! If you are looking to buy a home, be sure to order a resale certificate so that you have everything you need to know about the community.
Business Development Manager for CMA | Phone: 972-943-2848 | Email: firstname.lastname@example.org