Hello World! Welcome Friends! Between 25% and 27% of all people in the U.S. live in private communities governed by cooperative, condominium, and homeowners’ associations, as reported by the Foundation for Community Association Research. The value of homes in community associations amounts to around $7.19 trillion dollars, and homeowners’ groups are predicted to continue growing in popularity owing to factors such as convenience, proximity to amenities, and cost savings. If you’re thinking of becoming part of a homeowners’ association, what are some of the pros and cons you may encounter?
Access To A Wide Array Of Amenities
One of the most touted benefits of HOAs are the many amenities its members can enjoy for a much lower price than they would have to pay for private amenities, such as carefully manicured gardens, security, and swimming pools. Other shared facilities can include parking lots, laundry rooms, dog parks, community meeting spaces, and clubhouses. Luxury condominiums and apartment complexes sometimes offer special facilities that are in high demand by discerning buyers, such as gyms bearing a bevy of equipment – including treadmills, stationary bikes, and strength training equipment.
Passing With Flying Colors
Homeowners who are members of HOAs have given this mode of living a thumbs up, with 70% of residents stating that they have enjoyed a good experience with their respective associations. Moreover, 89% say that their association works to favor community interests. On the downside, individual residents may be in disagreement with community rules, which are always set to benefit the community at large. Homeowners should know that so-called HOA Selective Enforcement is not permitted. This occurs when the association enforces specific rules for only one homeowner (or one group of homeowners). To prevent selective enforcement, board members should make common rules available, they should be consistent, and they should work with an HOA management company, to ensure a fair enforcement policy is in place in case neighbors violate community rules.
Fulfilling Homeowners’ Needs
Research published by Bloomberg shows that HOAs are pricier in areas where governments are weak. In other words, HOAs are used to fill in gaps left by local governments with respect to everything from beautification of streets to rules regarding external storage and gardens. The researchers concluded that although HOAs can propagate inequality in a way (because a higher percentage of wealthy people live in HOAs), these associations can bridge important gaps. For instance, in areas with a considerable percentage of commercial and industrial development, “People place some value on having a certain degree of zoning in a particular area. When local governments don’t do that, people like it when HOAs do it for them.”
HOAs are growing in popularity due to the many benefits they offer. Currently, over a quarter of all people in the U.S. are opting to form part of an HOA owing to convenience and cost savings on facilities. HOA premiums are higher in areas with weaker governance, since they fill important gaps such as zoning. On the whole, HOA are seen positively by residents, with a vast majority seeing associations as dedicated to promoting their community’s welfare.
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