4 Reasons To Love HOA Fees
Written by
Gina Hagler
Edited by
Cory Dudak
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Homeowners association fees are monthly payments from residential property owners to their HOA. You typically see these fees in newer developments where the HOA provides basic services and enforces the bylaws that all buyers must agree to when purchasing the property. The national average for an HOA fee is $170. While these fees can sometimes be a bit lower, in more luxurious areas, fees can reach $1,000.
New property owners automatically become members if an HOA exists. Naturally, not everyone is enthused by HOA fees. They are not only expensive but also support regulations that affect owners’ freedoms. The rules can get excessive and frustrating, with limits on the type of fence, landscaping or sprinkler system you’re allowed to have — or how many pets you can have and what breeds.
However, there are also a number of reasons why homeowners like HOA fees. These four just might change your mind.
Amenities and Services
The fees benefit homeowners through the maintenance and upkeep of various amenities, from tennis courts and swimming pools to lobbies and elevators. They ensure that these places are clean, safe and in working order. They also fund a number of valuable municipal services like snow removal, trash collection, electrical repairs for the community and pest control.
Sense of Community
Contributing to the same fund helps foster a sense of community. HOAs use the money to run neighborhood activities like movies, yoga classes, dining events and more. A study from the American Housing Survey (AHS) found that living in an HOA has a positive impact on residential satisfaction.
Good Behavior
The existence of rules also promotes adherence to shared interests, such as keeping noise down at night or following proper parking procedures. Rather than needing to risk a confrontation with a noisy or disrespectful neighbor, owners have the ability to contact their HOA to resolve the issue. The HOA is likely to be much more successful in incentivizing the deterrence of behaviors that negatively affect fellow residents.
Property Values
An HOA, particularly one that is running effectively, contributes to property value appreciation. In this sense, the fees benefit homeowners in the long term should they decide to sell their property. Well-run HOAs have reserve funds to help cover future unpredictable costs as well.
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