Depending on where you’re looking for a new home, chances are you’ve come across communities that have Homeowners’ Associations or HOAs. When you purchase a townhome, condominium or a single family home in a neighborhood, you are typically required to join the HOA and pay a monthly or annual fee for general upkeep of amenities and common areas. Most HOAs also have rules and regulations to protect residents and keep homes in-line with community standards. It’s important to understand what HOAs bring to the table in these communities before you buy a home.
- Sustained or increased property values: HOA rules and regulations help ensure homeowners keep their homes well maintained and in compliance with overall appearance standards. Combined with proper care of amenities and common areas, the value of your home is more protected than one that does not have HOA oversight. Even if you aren’t using the amenities or common areas in your neighborhood, keep in mind their condition has an impact on your property value.
- Increased community pride: People who care about their homes and the overall community are more likely to have a sense of pride about their neighborhood. This creates a positive living environment that outsiders are likely to see or hear through word of mouth. This gives potential new residents a good feeling about buying a home in the area.
- Activities and events: Social activities and other events coordinated by an HOA provide a wonderful way for neighbors to meet and build lasting bonds through shared common interests. They often build some great family memories along the way!
- Better communication between neighbors: When you know your neighbors, it’s easier to build trust in the community. That leads to people looking out for one another’s homes, families and the entire community.
- Nuisance deterrence: In most cases, these organizations promote safety and welfare of the community’s residents. HOA rules and regulations can help deter damage to the neighborhood and keep unwanted visitors and activities out. That’s a benefit for everyone in the neighborhood.
- A go-between for issues with other residents: An added layer of protection provides homeowners peace of mind. When problems arise, others can step in to help, with standards in place to facilitate communication, solutions and necessary changes.
- Financial stability: A well run HOA always keeps a reserve to handle ongoing maintenance and improvement of common areas and amenities as well as capital expenditures. If managed correctly, costly special assessments are unlikely, meaning more money in your wallet.
When you’re searching for a home, compare HOAs between communities based on what they cover. There are many variables that drive fees, rules, regulations and restrictions for HOAs, so it’s important to do some fact-finding before you make a major investment in your family’s future. Request a meeting with one of the officers of the HOA if you have specific questions about dues or special assessments. Talk to homeowners to get a view of the stability of the HOA, how well it is run and its involvement in the overall community. We hope this helps you make an informed choice before buying a new home!
If you’re considering purchasing or building a new home, we would love the opportunity to discuss options available in our new construction homes! Please give us a call at 630.280.5551 or complete our online contact form. You can also join our e-list to get the latest information about our community and new home designs.