HOAs are quite common. Depending on the particular area, HOAs can be quite strict about their rules, and some even seem too exclusive. However, many people benefit greatly from such associations. Here are some of the reasons HOAs can work.
What’s an HOA?
A homeowners association (HOA) is an organization in a subdivision, planned community or condominium that makes and enforces rules for the properties and their residents. Those who purchase property within an HOA’s jurisdiction automatically become members and are required to pay dues, known as HOA fees. Some associations can be very restrictive about what members can do with their properties.
Affordable Home Ownership
Home ownership rates have become a major talking point in the United States. In the 2010s, that rate floated around 60 percent. Rates overall have continually showed a decline since 2005, when the home ownership rate was 69.1 percent. Housing communities have been a source for many people looking for affordable homes, and diverse groups such as minorities, women, and immigrants have been able to achieve the dream of home ownership over the years, especially within condo units. Condo and co-op communities also are great for a first-time homebuyer. With the current economic climate, affordability has never been more important, and many people are finding a welcoming neighborhood in HOA and condo communities across North America.
Minimizing Costs and Maintaining a Sense of Community
This might seem more like two topics, but they really go hand-in-hand. Being a member of a HOA or condo community comes with assurances that everyone pays their fair share, concerns are addressed by your association board or property management team, and property value is maintained without formal government oversight. Everyone is in it together and there is a sense of responsibility with membership and collective management, which makes for a strong sense of community. There also is the matter of these associations inherently bringing people together. Many of the 62 million people who live in community associations or condos take part in neighborhood activities such as holiday parties, social clubs, and athletic and fitness events. These activities give people a chance to get to know everyone better and form a more communal bond.
RE/MAX Realty Professionals—The Results Team—is ready to help you buy or sell your home! Visit www.calltheresultsteam.com. Or call Lesa Miller at 812-360-3863 and Jenivee Schoenheit at 317-258-0995.