Research shows that nearly 41,000 people live in the historic city of Annapolis, Maryland. Throughout the city, there are numerous communities that are run by homeowner's associations (HOAs). HOAs can be comprised of single-family dwellings, condos, and apartments.
Property owners and tenants can experience numerous HOA benefits when living in a community that's run by one of these organizations. Each HOA is different and offers various amenities. There are also specific guidelines residents have to follow depending on their HOA.
This guide will discuss the top five benefits of an HOA. Learn everything you can about these types of communities before you move into one.
1. Increased Property Value
HOA home value protection is one of the main benefits. While many homeowners take good care of their property, you can't always depend on your neighbors to do the same. The area surrounding your home could have a negative impact on its value.
Not when you're part of an HOA. Homeowners have to follow the rules of the HOA, which include keeping up their home's exterior and landscaping. HOAs also have guidelines around the following:
- Structural additions
- Vehicle parking
- Trash placement
The goal of these regulations is to keep the neighborhood looking good and property values high.
2. Included Utilities
Some HOA fees include utilities, depending on where you live. For example, the following utilities might be part of the fee you pay:
You don't have to worry about your utility bills fluctuating each month when you pay your HOA a fixed fee.
3. Access to Amenities
Not every HOA offers the same amenities to residents. However, most communities have something to offer. Some common amenities include:
- Community pools
- Tennis courts
- Fitness centers
HOA amenities tend to be better maintained and less crowded than public facilities because only residents of the community can access them.
4. Repair and Maintenance of Common Areas
As we mentioned above, many HOAs have many common areas you can enjoy while living in the community. These spaces will be maintained by the HOA. The HOA will ensure everything is functioning properly in these spaces and that the area is clean.
5. Better Relationships With Neighbors
HOAs have certain regulations in place designed to keep the peace between neighbors, including ordinances about noise. For example, if your neighbor continues to have loud parties each weekend, you can contact your HOA about it.
The responsibility then falls on the HOA to deal with the neighbor so you don't have to. The HOA will peacefully handle enforcing the rules and regulations on your behalf. You can keep an amenable relationship with all your neighbors without being the bad guy.
Explore the Numerous HOA Benefits
While you might initially be dissuaded by an HOA because you have to pay an additional fee, you'll soon find that the HOA benefits are worth the cost. There are rules you'll have to comply with, but they're designed to ensure the integrity of your neighborhood. Preserve your property value while enjoying everything your community has to offer.
PMI Annapolis offers a wide range of services to property owners. Book a free consultation to learn how we can assist your HOA in Annapolis.