Simply put, an HOA or a homeowners’ association can be an non-profit organization in a condominium, planned community, or subdivision that helps to manage and maintain the building or neighborhood, and its residents.
Members of an HOA pay monthly or yearly membership fees, which the association then uses for carrying out its duties, including guideline enforcement, maintenance or repair of shared spaces, meeting management, etc.
If you buy a condo or a home that is within an HOA’s jurisdiction, it means that you become members automatically. As the name suggests, an HOA is made of and run by the residents of the community.
Benefits of an HOA
For someone who has never been a member of a homeowners’ association, it may be difficult to understand the many advantages that the association offers to its members. Below, we outline the top benefits of an HOA.
- Access to different amenities and services
A huge portion of the membership fees go to developing and maintaining community spaces and amenities that are meant to make your life easier and more pleasant. These amenities and services may include clubhouses, swimming pools, gyms, tennis courts, walking trails, BBQ pits, parking lots, etc.
- Provides a sense of community and belonging
HOAs give members a sense of community and belonging, making them feel secure. Besides, the various events organized by the association such as holiday parties, sporting events, and other small gatherings give members the opportunity to mingle with their neighbors.
- Enforces community rules and guidelines
Another benefit of an HOA is that there are strict community rules and guidelines that each member is expected to follow. These regulations are laid down to make the lives of members easier, promote peace, safety, and security, and ensure that all residents live in harmony. Some restrictions may include not allowing late-night parties, barking dogs, etc.
- Great for your property value
Finally, an HOA ensures that your property, as well as the surrounding area, is kept pristine and maintained well over the years. This greatly helps in increasing your property value.
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Shannon Lindstrom, Realtor®, AHWD, GREEN, NCS
13784 83rd Way No, Ste. 200
Maple Grove, MN 55369
Direct: 612-616-9714
Lindstrom_S@msn.com
Shannon@ShannonLindstromRealtor.com
www.ShannonLindstromRealtor.com
www.ShannonLindstrom.info
