Experts say over 80% of homebuyers believe owning property is a good investment. But what if the property is in a homeowner's association community neighborhood?
Homeowner's association living is not for everyone. Some people find living by their rules and regulations limiting and prefer buying property outside an HOA community.
However, looking deeper, you'll find that HOA living has many benefits. Some of these benefits are nice to have, and some can affect your property value.
If this has piqued your interest, keep reading and learn as this article discusses five HOA living benefits.
1. Fees Include Some Utilities
Living in an HOA community requires you to pay homeowner's association fees. The benefit is that these fees also include some utilities. This means you have fewer bills to manage each month.
Fewer bills mean less frustration and more time saved. For instance, some homeowner's associations include utilities such as:
2. HOA Maintenance Maintains Property Values
When you live in an HOA community, property values are protected. Buying a home is expensive, so you want to ensure that wherever you buy your property, it will maintain high or even increase property values.
You can achieve this on your own to an extent. For instance, you can keep your property looking sharp and maintained, but you can't control the other houses in your neighborhood. The benefit of living in an HOA community in LA is that everyone is required to keep up a standard acceptable to the HOA board.
3. Access to HOA Amenities
When buying, finding a property in your price range can sometimes mean forgoing some features you hoped you could afford. For example, you may have to forgo houses with a swimming pool or spa bathroom to find a property within your budget.
The benefit of buying a house in an HOA community is that you typically have access to the amenities available for the residents. These features will depend on the homeowner's association, but these HOA amenities can include:
- Community swimming pools
- Tennis courts
- Fitness centers or gyms
- Recreational parks
4. Community Engagement
HOA living is ideal for social butterflies who want to get involved in their community. Many HOAs hold community events and activities that residents are encouraged to participate in. Some common community events and activities held by HOAs include:
- Block parties
- Pool parties
- Holiday celebrations
- Neighborhood watch meetings
- Community clean-ups
- Volunteer opportunities
5. Rules and Regulations
Finally, HOA living may solve your problems if you're non-confrontational. For instance, if your neighbor is too noisy after hours, the HOA board will deal with the problem, so you don't have to engage your neighbor in a negative interaction.
Make Your Homeowner's Association Community Work For You
There are many benefits to living in a homeowner's association neighborhood. If you're looking for a community with low maintenance, high property values, and access to amenities, then an HOA community may be the right choice. However, HOA living is not for everyone, so it's vital to research and understand the HOA rules and regulations before buying a home in the community.
Do you need help managing your Los Angeles homeowner's association? Contact us at PMI LA Pacific today to see how we can help. We take great pride in tailoring our services to each community's unique requirements.