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Sign in Welcome! Log into your account your username your password Forgot your password? Get help Password recovery Recover your password your email A password will be e-mailed to you. Array How HOAs Are Finding Success Amid Reports Of Aggravation By Donald Conway 7 hours ago Share Facebook Twitter Pinterest WhatsApp Linkedin ReddIt Email Print Tumblr Telegram
Since the mid 19th century, Homeowners Associations have been a fixture in real estate. Fast forward to today and record homeowners are now living in HOAs – around 24 percent or 63 million Americans. According to IKO Community Management’s statistics, the value of real estate homes in homeowners associations averages $4.5 million, or 30 percent of the total land value in the U.S. In recent months, HOAs have come under fire as homeowners share their HOA frustrations – making many reconsider choosing an HOA when buying their own home. However, the stories of living in an HOA are not all bad. From maintaining property values to ongoing legislation aimed at protecting homeowners from exploitation, here is some of the good news that comes with HOAs.
Homes Sell For More On The Market
In a study by George Mason University, homes within an HOA sold for 5 to 6 percent more than those not in a housing community. The boost in property values stems from several of the perks that come with HOAs like the regular curb maintenance done by HOAs. An attractive exterior can boost a home’s value by up to 10 percent and is easily achieved by simple moves like maintaining your front lawn- a task that is taken care of by the HOA. in fact, a study by UC-Irvine in 2019 showed that single-family homes sold for 4 percent more. Homes within HOAs also come with several added amenities such as access to tennis courts, community swimming pools, and child-friendly amenities.
New Legislations Will Move To Protect Homeowners From Abusive HOAs
A more recent development has been the launch of bills aimed at protecting HOA homeowners. In Texas, lawmakers were considering a dozen new bills at the start of the year- 6 of which eventually passed. For instance, HOAs making budget amendments must now do so at a public meeting. They must also obtain bids before awarding a contract valued at more than $50,000. These and other amendments target recent reports of HOA board members harassing homeowners. Similarly, Section 718.1255, Fla. Stat. has been revised to include alternative dispute resolution such as additional steps before litigation and meditation. In Virginia, any requests for accessible parking to accommodate a disability will now be treated as a request for reasonable accommodation- including physical modifications.
Homeowners Can Have A Better Voice With An HOA’s Support
Homeowners in HOAs can also benefit from Covenants, Conditions, and Restrictions (CC&Rs). These allow HOAs to set and enforce certain community rules in the interest of homeowners. Ideally, HOA boards will move to give their homeowners protection and rules that will benefit them and their home value. Some of the CC&Rs homeowners can find maintenance of exterior features, restrictions on noise levels, and parking prohibitions for non-residents. This can help homeowners deal with a neighborhood dispute since the HOA can step in to resolve and prevent future incidents.
Many HOA boards are also in staunch support of environmentally friendly home owning practices which is great for sustainable homeowners – and even your wallet in the long run. While there has been a lot of negative press around HOAs recently, there are still some success stories surrounding them out there. Whether it is the right move for you as a homeowner will be up to you.