The Basics of Living in an HOA

If you’re on the house hunt, there’s a good chance that you’ll wind up joining the 26 percent of the U.S. population and end up in a homeowner’s association (HOA). The Foundation for Community Association Research claims there are roughly 347,000 community associations with 73.5 million community residents in the U.S. today.

If you’re considering making the switch and you’ve never lived in an HOA before, here are some features and practices to become familiar with to help make the transition as seamless as possible.

The Basics of Living in an HOA

Amenities

The great thing about living in an HOA community is that your enjoyment is not limited to your own living space. Amenities are supplemental features of many associations that all homeowners get to experience and take advantage of. If you’re lucky enough to live in an HOA with amenities, you might have access to fitness centers, pools, tennis courts, dog parks, grilling stations, and more.

Maintenance

When you’re a homeowner, your to-do list tends to grow exponentially. The chores may seem never-ending when it comes to the regular maintenance of not only the interior of your home but also the exterior. Maintaining the landscape, cleaning the gutters, and painting the exterior of your unit are just a few examples of these responsibilities. The major perk of living in an HOA is that the maintenance of common spaces is usually covered. What’s more, the insurance required to protect the community’s amenities, such as the pool and playground, is also the responsibility of the HOA.

Involvement

If you’re the kind of person who likes to have a say when it comes to your living conditions, an HOA is probably right for you. HOAs are run by a board of directors who oversee and govern all aspects of the association. If you’d like to become a part of the decision-making process, you can always run to join the board.

Dues

Your HOA dues are the reason you can reap the benefits of the features mentioned above. Charged on a monthly or annual basis, this will increase a neighborhood’s cost of living. HOA fees are location-dependent, but usually run between $250 to $750 dollars a month. Another factor that can affect the price is the amenities, as a community that is stacked with an assortment of amenities will usually have higher monthly dues.

As you can see, many advantages come with living in an HOA community. The success of any community depends on the quality of its board and its fiduciary duty, the obligation to make decisions in the best interests of its members. Property Management firms, such as AR Management, can help boards with property, financial, and administrative services to help ensure an HOA living experience of quality.