If you are buying a new home in Texas, there is a good chance it belongs to a homeowner's association (HOA). There are over 21,000 HOAs in the state.
More than 6 million Texans live in these communities. This puts Texas in third place for most HOAs in the United States.
These statistics come as no surprise given the many benefits involved with belonging to an HOA. Curious to learn what those HOA benefits include? Keep reading to explore topics such as the benefits of an HOA, the overall cost, and how belonging to one impacts the value of a house.
What Are the Benefits of HOA Membership?
Living in an HOA is appealing for many reasons. Members enjoy the many amenities of an HOA community.
For example, you get unlimited access to common resources. This includes popular attractions like pools, tennis courts, and fitness centers.
Many HOAs have common areas like a recreation hall. You can reserve these large spaces to hold birthday parties and other celebrations.
HOA members also enjoy outdoor home maintenance included in their dues. An HOA board hires a landscaper to mow your lawn, rake leaves, and clean up your property. The goal is for all the homes in the community to look their best.
Security is an important benefit for HOA members. Many HOAs are now gated communities with professional security guards on patrol. A security company operates the community's entrance and makes sure no unauthorized vehicles enter.
Does It Increase Property Values?
HOAs are known to increase the value of a house. HOAs are known for their safety and amenities. With the regulations imposed by the HOA board, the community achieves a high standard.
Buyers want to live in a community filled with nice houses and neighbors. One way that HOAs achieve this is by community maintenance. Professional landscaping companies take care of each property on the same day.
The result is a well-manicured community with clean streets and sidewalks. It is a place where people want to live and raise a family. The desire to live in a community like this leads to more offers and higher bids.
What Is the Cost?
There is a cost associated with enjoying higher property values and the other benefits of an HOA. Community members pay monthly dues to cover amenities like landscaping services.
Monthly dues are managed by an HOA board. They use the funds to cover expenses incurred by the community. These expenses include pool maintenance, lifeguards, and recycling services.
The HOA board is a volunteer group. They may vote to hire a property management company to help relieve the workload involved with running a community.
Your Guide to HOA Benefits
There are many benefits involved with living in an HOA. Home buyers are jumping at the opportunity to live in a homogenous community. Standards are set so high that they raise the property values of all homes within the community.
If you want to learn more about HOA benefits, contact us today to speak with an experienced professional.
