HOAs Aren’t All Bad. Here Are 3 Benefits You Might Enjoy

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You may not love the fees, but you might really appreciate the perks. 

If you’re looking to buy a home, you may come across listings that require you to join a homeowners association, or HOA. HOAs are common among townhouses and condos, but sometimes, even a standalone, detached house can end up being subject to an HOA.

It’s estimated that 20% to 25% of Americans live in a home that’s part of an HOA. And buying a home that’s part of an HOA will generally mean having to stick to specific rules, some of which might impose on your lifestyle. If your HOA says you can’t run a small business from your home, for example, and that’s something you want to do, well, it’s a problem.

Also, HOAs commonly charge monthly dues, and those can sometimes be costly. And when you’re already grappling with a mortgage payment, you may not want to deal with the extra expense.

But despite these potential drawbacks, HOAs have their benefits, too. Here are a few you might appreciate if you end up buying a home that’s part of an HOA.

1. Your property might gain value, or retain its value more easily

HOAs come with strict rules with regard to property maintenance. Those might seem like a hassle at first. But actually, they help serve an important purpose — keeping property values high and/or helping them rise. That could benefit you tremendously if you decide you’re ready to buy a new home and sell your current one.

2. You might gain access to terrific amenities

The higher your HOA fees, the more amenities you might get access to. And some amenities are ones you probably wouldn’t get with a standalone home in a non-HOA community.

It’s common for an HOA to include things like a community clubhouse, fitness center, tennis courts, and swimming pool. Private properties generally can’t accommodate most of these features. And even if you do manage to find a house with a pool, maintaining one on your own could end up being prohibitively expensive. With an HOA, you get to split that cost with your fellow homeowners rather than face the burden on your own.

3. You might save yourself time and money on maintenance

Your HOA fees will generally include maintenance of all common and outdoor areas. That means that if it snows, it won’t have to be you going out there with a shovel to deal with the mess. Not only might you save yourself time by not having to do all of your own maintenance, but you might also save a fair amount of money.

4. You might have an easier time meeting people

If you’re a social person by nature, then you might appreciate the community aspect of an HOA. When you have shared amenities, it sets the stage for meeting new people and getting to know your neighbors. If that’s a positive thing in your book, then it’s all the more reason to purchase a home in an HOA.

You may be inclined to run the other way when it comes to HOAs. But before you do, think about the upsides. You may find that despite certain costs and restrictions, living in an HOA ends up benefiting you quite a bit.

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