HOAs are on the rise in Phoenix and the state of Arizona at large. In fact, nearly one-third of homes in the state belong to a homeowner's association. This is the highest percentage in the United States.
This comes as no surprise given the many advantages of living in an HOA community. Read on to learn about the top five benefits of joining a homeowner's association. Explore topics such as HOA amenities, dues, home values, and responsibilities.
There are so many benefits to living in an HOA community. HOA maintenance is one of the most popular features for homeowners.
Here, the HOA takes care of exterior maintenance. The HOA manager hires a landscaping services company to cut the grass, pick up leaves, edge, and fertilize.
They may hire a power washing company to wash the home's siding. Mold and mildew that build up on the siding are blasted away, leaving the house looking new.
Some HOAs hire roofing companies to inspect roof integrity. These companies use drones to fly over and use advanced technology to spot any vulnerabilities.
There are many other examples of HOA maintenance. The HOA board's goal is to make the community as a whole look exceptional. This curb appeal helps attract prospective homeowners and retain existing ones.
2. Common Areas
HOA members are given exclusive access to common areas. For example, many HOAs have a banquet hall or entertainment room.
Here, you can host large parties or family gatherings. This can save households money as banquet hall rentals are expensive and are not within walking distance.
Each HOA offers different amenities to its residents. Swimming pools are popular and included in many HOA communities.
Residents enjoy bringing their families to the pool without any responsibility to clean and maintain it. The HOA board hires professionals to clean, treat, and winterize the pool. Fitness centers and playgrounds are also popular amenities.
HOAs provide its members with a sense of community. In a close-knit neighborhood, it is easy to socialize and meet new people.
Many HOAs have volunteer groups that plan and coordinate fun activities. Bingo tournaments, bus trips, block parties, and many more activities are the byproducts of living in an HOA.
5. Higher Home Values
Studies show that HOA properties are worth more than comparable homes. In fact, homes in HOAs have prices nearly $14,000 higher than their closest comparison. That is a 4% increase in value simply for belonging to an HOA.
There is a great demand to live in these communities. The amenities are appealing, and buyers are willing to pay more for them.
Your Guide to Homeowner's Association Benefits
You now have a good understanding of why HOAs are increasingly popular. HOA members enjoy many benefits, from skipping out on yard work to joining local clubs.
It is important to understand that these benefits are paid for out of your monthly HOA dues. If you want to learn more about homeowner's association benefits, contact us at PMI Camelback to speak with an experienced professional today.