There are over 370,000 homeowners associations in the United States, accounting for about 40 million households nationwide. If you live in a gated community or you are planning to live in one, chances are that you have come across a homeowners association.
To find out what these associations are and why they are so popular, read on.
What Is a Homeowners Association?
A homeowners association is an organized group that is formed by the residents of a housing community to govern its activities. Homeowners associations, or HOAs, are established to formulate and carry out community rules to help maintain vital aspects of communal living, such as amenities, insurance, grounds and finance. Depending on the agreement, residents are often required to pay a monthly maintenance fee.
What Is the Point of Having a Homeowners Association?
Preserved Property Value and Aesthetics
Purchasing a home is a considerable investment, and HOAs are vital to protecting your property. The binding laws of HOAs ensure that the homes and communities are kept clean and maintained, leading to increased curb appeal and general attractiveness.
Access to Amenities
Living in a community with an HOA is a great way to enjoy a wide range of amenities that would otherwise be too expensive to acquire. These include swimming pools, clubhouses, playgrounds and parks for kids.
Increased Quality of Life and Safety
HOAs have rules that guide residents in the community to avoid nuisance behavior and maintain a sense of peace and tranquility. Gated communities provide an additional layer of protection, ensuring that only authorized people are allowed in.
Conflict Resolution
In every neighborhood, conflicts are bound to occur, and if not properly managed, they may lead to unhealthy confrontation or legal action. For communities with HOAs, the board helps to mediate the conflict by ensuring that the resolution is based upon existing governing documents.
Long-Term Financial Stability
HOAs typically have completed a reserve study, or an analysis of community assets, to help plan and allocate funds for future capital repairs and enhancements ranging from repairing sidewalks to painting buildings to upgrading playgrounds. This decreases the need for residents to pay a special assessment — a one-time fee to cover unforeseen expenses.
Become an Owner at The Reserve at Leonard Farms
Are you looking for a gated community where you can enjoy luxury amenities such as parks and playgrounds, including property protection, in an inclusive setting? The Reserve at Leonard Farms has it all. Explore our available lots or contact us today.
