What Are the Benefits of Belonging to a HOA?

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Many people ask me, “Are there benefits to joining a homeowners’ association?” There are some pros and cons when it comes to belonging to an HOA, and I’ll go over a few of those today.

First of all, one of the biggest pros is that the HOA will provide a consistent feel throughout the neighborhood. If you drive through a neighborhood for the first time and like how everything looks and feels, the HOA protects that experience. In order to do so, there are a few rules about how many cars can be in the driveway, what colors you can paint the house, and things like that. Again, these rules are here to maintain a consistent look and feel throughout the neighborhood.

Next, the dues they charge are used to improve the area. The point of those membership fees or dues is to reinvest them into the neighborhood to make it a better place to live. I can think of a couple places in Temple that are putting in swimming pools or parks thanks to the HOA money.

Finally, another major benefit is that the homeowners’ association property value. Both of the pros mentioned above contribute to your property value. Some neighborhoods have nicer amenities than others, and if your home is in a good neighborhood that continues to improve thanks to the HOA, you will make more money when the time comes to sell your house.

There are a couple of cons to consider. For example, you can’t do whatever you want to your property if you belong to an HOA. Again, there are rules and restrictions to keep the neighborhood consistent. If you don’t want to follow those rules, the HOA might not be for you.

Also, it will cost you money. You will have to pay membership fees or dues. The good thing is they go back into the neighborhood, but if you don’t want to have that added cost, you might want to reconsider the HOA.

Overall, I think there are extremely strong benefits to belonging to a homeowners’ association. If you have any questions about today’s video, just give me a call or send me an email. I would be happy to help you!