The Home-Owners Association (HOA) is an essential body necessary to maintain a neighbourhood. It is a not-for-profit organization established by a community of homeowners which governs rules regarding what can and cannot occur in homes, and determine the rules on how money should be spent on properties.
All the residents in developed neighbourhoods are obliged to become members. With the growing interest in home ownership and communal living, the benefits of HOA such as security, well-maintained amenities, etc, cannot be over-emphasized.
Many condominium and town houses available for purchase and single-family homes establish a homeowners’ association to protect the rights of all in that particular community. Below are benefits of the HOA:
Other benefits of HOA include protecting the property values of individual homeowners.
When living in a community with an HOA, a resident must agree to abide by certain rules and standards, such as proper maintenance of the house and lawn. By enforcing these rules, the HOA helps maintain the principles of the community, which in turn maintains the values of all the homes of the community.
It also includes providing and maintaining essential services like security and recreational facilities. Many communities have amenities like pools, clubhouse, tennis courts, gated entry and the likes. The upkeep of these facilities are provided by the HOA.
Creating a community environment is yet another benefit of HOA. This happens when a community has an HOA, where every member of the community, by implication, has agreed to a set of rules.
Many HOAs also organize community events designed to get to know other residents and improve neighbourhood feeling. The common area facilities like the pool and gym act as natural meeting places for residents to share with their neighbours.
Generally, the Board of Directors (as elected by the members) and members agree on HOA ules and regulations and many of these regulations are there to maintain the appearance and value of the members’ homes and to apply a uniform code of conduct for members.
Community-wide maintenance, landscaping and enhancements are usually carried out and arranged by the association. it is vital to have a HOA in planned communities because these associations make and enforce rules for the properties whilst maintaining the value of the homes and amenities.