If you’ve spent any time browsing the real estate market for new homes, you’ve undoubtedly come across those for sale with additional HOA fees—but what are the benefits of moving into a home that belongs to an HOA?
In this article, we address the top reasons why you may want to consider moving into an HOA home, from improved neighborhood atmosphere to monthly utility benefits. Are you interested in finding the right home to fit your budget? Check out our list of loan consultants to get started!
HOAs, or Homeowners Associations, are the residential neighborhood communities that enforce stipulations for living in the area. Many HOAs have regulations regarding lawn appearance, home paint color, street parking, noise levels, mailbox arrangement, and more. A responsible HOA will outline which duties fall to the individual homeowner, and which will be covered by the HOA.
The fees associated with belonging to an HOA vary from neighborhood to neighborhood, and often have to do with the age of the buildings covered, square footage, neighborhood location, property upkeep needs, utilities covered, and more. As such, HOA fees can be wildly different in neighborhoods across America—ranging from $100 to as much as $1,000 per month. Generally speaking, however, Homeowners Associations average around $200-$300 each month.
While an extra $200 or $300 each month on top of a mortgage payment can seem like a tough pill to swallow, there are some reasons why you may find the extra charge to be worth the money. Here are some of the pros of living in an HOA neighborhood:
· Covered utilities: Fortunately for new homeowners, HOAs usually cover monthly costs associated with water, gas, electricity, sewer, and trash. This streamlines the process of paying bills for most people and eliminates the need to hunt for services.
· Included landscaping services: Tired of the never-ending chore of mowing and maintaining your lawn? Many HOAs have the added perk of landscaping and yard work services, covering lawn maintenance, tree pruning, and pest control. While HOAs do get to determine what the front-facing state of your house looks like, homeowners may have more control over the aesthetic of their back yard or patio.
· Settle neighborhood disputes: Have you ever had a tiff with an annoying neighbor? If you have a neighbor who parks on the street when they aren’t supposed to or plays loud music at night, a Homeowners Association will confront your neighbor on your behalf. With one set of rules to play by, the HOA holds everyone in the neighborhood accountable to the same standards. This makes conflict resolution much simpler, reducing the possibility of ongoing neighborhood friction.
· Access to amenities: Some HOAs include neighborhood pools, gyms, tennis courts, parks, restaurants, and more. As an HOA neighborhood resident, the cost of upkeep and maintenance of these facilities is covered by monthly fees; this means residents can enjoy the use of these areas for a nominal charge!
· Organized social activities: An added benefit to belonging to an HOA is that it will often organize social events to bring the neighborhood together. This is an attractive feature for many who value having a sense of community.
Before you move into an HOA home, you should consider if you are willing to follow the rules enforced by its current management. While belonging to an HOA does come with an increase in associated living fees, there are several benefits inherent to belonging to this type of neighborhood community. If the quality of your neighborhood appearance and overall value is important to you, it may be worth weighing the pros and cons of living in an HOA community.
Buying the right HOA home can be a long-term investment with recurring benefits down the road; it may even be easier to finance your mortgage! Looking for quality mortgage assistance services in Virginia and Maryland? Click the link to browse current loan consultants and get started today!