More than one-quarter of the U.S. population live in neighborhoods that have a homeowners association (HOA), and that percentage continues to climb. There are some very good reasons for this trend.
There are many benefits of having an HOA, but there are a few challenges as well. Understanding the pros and cons is vital to making an informed decision about your community or condo complex.
Below are the main benefits of having an HOA board. It will help you determine if it is the right move for your neighborhood.
HOA Benefits
There are many advantages of having an HOA. Here are the main ones to consider:
Direct Governance of Your Neighborhood
An HOA allows community members to make decisions for the neighborhood they live in. They are representatives of all homes and work on their behalf. It means that the people who live there get to decide what community standards are for the neighborhood.
Grounds Upkeep and Amenities
Another major benefit of having an HOA is the general maintenance of the community. This means that they are responsible for the upkeep of entry gates and sidewalks. They also might maintain community swimming pools, gyms, or other amenities.
HOAs decide how to use common areas. An HOA board might choose to put it in a community garden or walking trail. They can coordinate neighborhood festivals or other events that bring people together.
Home Value
All this serves the help retain and (hopefully) increase the value of homes in the neighborhood. Residents do not have to worry about the home next to them going into disrepair or being painted a strange color. It means that, even years down the road, you can expect the neighborhood to be in a similar condition as it is today.
Challenges With an HOA Board
One of the main reasons people balk at the idea of having a neighborhood HOA is that it requires a lot of time and work on the part of board members. These are often volunteer positions, so members must dedicate personal time to this enterprise.
Another challenge is that the skills community members bring to HOA boards can vary. You could end up with a group of people who are good at planning events and making decisions, but terrible at finance. This means that well-intentioned and dedicated people fail to accomplish the basic goals of the HOA.
The final challenge of HOAs is that they often have to do things that are unpopular in the neighborhood. This includes decisions about communal areas or notifications about violations of community policies.
The good news is that there is a way to have an HOA and avoid these drawbacks. Hiring an HOA property maintenance company to do all the heavy lifting and dirty work gives you the best of both worlds.
Find HOA Management Services Near You
Now that you understand the benefits of having an HOA, you can determine if it is right for your neighborhood. An HOA board is a great way to make direct decisions about your neighborhood and ensure the retention of home values.
PMI Matching Property offers a variety of property management services, including HOA oversight. We pride ourselves on providing the highest quality services tailored to each client's property management needs. Reach out to us today to learn more.
