Homeowners’ associations have gotten a bad rap over the years. Movies and sitcoms portray them as residential watchdogs that measure grass length and make life harder for everyone. But if you ask someone, “How does an HOA work?” they usually have no idea what the answer is.
The truth is that an HOA can be a wonderful and essential part of a well-organized community. Whether you live in a townhome, condo, or single-family house, you may have a homeowners’ association on your side. And it’s worth the time to know how it runs.
The team at Roost can help you understand what an HOA can do for you. We help clients buy and sell stunning condos and houses in Minneapolis. So we know the power an HOA has to serve its residents. Reach out today with all of your real estate questions.
How Does an HOA Work for Property Owners?
When you are house-hunting, you will likely see homes that are under a homeowners’ association. So it’s crucial to know how they work and what it means for you as an owner. Here are five things to consider.
1. An HOA Serves the Community
Let’s clarify what an HOA is and how an HOA works. Homeowners’ associations are nonprofit groups whose purpose is to make sure your neighborhood or condominium complex is a safe and valuable place to live.
They do not exist to make your life harder or to nickel-and-dime you to death. In fact, their job is just the opposite. HOA fees go toward upkeep and improvements on shared community amenities. They put in the hard work, so you don’t have to.
2. There Are Reasons Behind the Rules
When people have complaints about HOAs, they focus on things they find arbitrary. For example, lawn height expectations or monitoring of weeds may seem like unimportant things to micromanage. However, they are more important than you might expect.
Proper lawn care, for instance, is critical to stopping the spread of weeds and the intrusion of pests. If these get out of hand, they could do a lot of damage.
Weeds can ruin not only your beautifully-manicured flower beds but also your driveways and sidewalks. Pests can damage your garden and even your home’s integrity.
An HOA works to make sure the entire community it governs has a safe and lovely area to call home. Sometimes, that means doing the unpopular work of requiring owners to do more lawn maintenance.
3. Curb Appeal: It’s More Than Just Paint
People don’t like to admit it, but most do judge books by their covers. Or, in the case of home buyers, they judge houses by their curb appeal.
Homes are only as valuable as the market dictates. And the market rewards well-kept houses with beautiful curb appeal. Neighborhoods and complexes that look great are likely to have higher property values than those with no continuity of care.
A strong HOA does an excellent job of explaining and enforcing its guidelines. This structure allows the entire community to enjoy a beautiful place to live. It also helps keep property values moving in the right direction, thereby protecting your investment.
Most HOAs help their residents find what they need to keep their homes tidy. Are you looking for a reliable landscaper? Do you need to install a Ring doorbell camera for security? Do you want some help repairing your fence? The homeowners’ board is likely to have a list of referrals for your use.
4. Communal Amenities Are a Significant Perk
Most homeowners’ associations carry the bonus of having shared spaces for the residents. These amenities may include a pool, playground, fitness center, or dog park. But all of these require maintenance.
As any homeowner with a pool can tell you, upkeep is a constant frustration. Cleaning and monitoring chemical levels take a lot of time. And it can be a bank-breaking expense if anything goes wrong. But when your HOA includes a pool, you get the best of both worlds. All the fun without the work. The HOA handles the job for you.
HOAs work hard to provide and take care of these shared spaces. Having such beautiful options adds another boost to your home’s value. If you are ever ready to sell, these perks make your home stand out from others on the market.
And since the HOA takes care of those amenities, you won’t spend your free time worrying about those chores. Think of how much time you can spend relaxing by the community pool without having to think about maintaining it.
5. Higher Property Values for the Win!
The real estate market can be complicated to understand, but one thing is always true. When you buy a home, you want your investment to be worthwhile. Nobody wants to spend money on something that depreciates and turns their road to wealth in the wrong direction.
Homeowners’ associations do tremendous good for their residents. They tip the scales for those looking to move somewhere new and fresh. HOA neighborhoods frequently carry higher property values than non-HOA neighborhoods. Buyers like to shop in areas that look fantastic. When homes sell quickly at or above market value, everyone’s houses in the area gain value.
These associations help create a safe and reliable community where each home puts its best face forward. This level of care can impact the value of each house and make it easier to attract wonderful buyers.
An HOA can exist in many different areas. You can find them in:
- New Developments
- Gated Communities
Roost Is By Your Side
No matter where you choose to make yourself at home, don’t just invest in the structure. Invest in the community. When you pour into a community, it pours into you, and everyone wins.
If you are ready to buy or sell in the Twin Cities area, reach out to the expert team at Roost. Our knowledgeable agents walk with you every step of the way to make sure you get a home you love.