Your Homeowner's Association: The Upside

Atlanta is a growing city, as are the areas surrounding it. If you’ve lived in this part of Georgia for any length of time, you’re probably aware of the fact that most of the homes built within the last ten or twenty years have been situated in housing developments. While this is a great thing if you’re looking for resort-like amenities and stable property values, the downside is that you’ll probably be required to join a homeowner’s association (HOA).

It’s pretty safe to say that no one looks forward to paying their yearly HOA dues, especially when disagreements arise regarding everything from the color you can paint your home to the type of pet you’re allowed to own. The purpose of these types of associations is to maintain property values and to increase resale values within the community; however, if you’ve found yourself wondering where your money actually goes, consider the following benefits.

VISIBLE AREAS—KEEPING THINGS BEAUTIFUL

While you may not always appreciate the current rules, most HOA policies are in place to maintain some degree of uniformity within the neighborhood and to take care of the community common areas—overall landscaping and grounds care, swimming pool(s), gym(s), tennis courts, clubhouse, etc.

People love amenities and they certainly like the convenience of having easy access to recreational activities. Plain and simple, the more desirable your amenities, the more desirable your neighborhood—and subsequently, the more desirable your home.

LESS-VISIBLE AREAS—INSURANCE

While it doesn’t take much for most of us to see the importance of maintaining things like the community pool and clubhouse, your dues also go towards various insurance policies that are put in place to protect individual residents.

In the event of a fire or some form of natural disaster, it’s important that all of your community spaces are covered by insurance. Should the insurance be either inadequate or non-existent, the HOA may level assessments against each individual homeowner to pay for any damages.

Similarly, most homeowner’s associations maintain liability insurance in case one of the residents is hurt while using common property. Should an instance occur where the HOA is sued due to an injury, it’s important that the individual residents are protected from having to pay any legal or settlement costs.

THE RUB

Plain and simple, while you may hate paying them, your HOA dues go a long way towards protecting your investment in a variety of ways. No one wants to find themselves in a position where they have to pay large amount of money in the event of an accident or natural emergency, so it’s important to remember that HOAs are extremely beneficial.

At the end of the day, there’s nothing wrong with getting involved and making sure your money is being used wisely. Make a point to attend any HOA meetings and consider asking whether they’re soliciting bids before committing to a landscaper or if they’re obtaining multiple insurance quotes before selecting a provider.

While you may not like shelling out the extra money, you can lessen the sting by considering all of the ways your homeowner’s association is looking out for your best interests.

Pam Evans | Hello Pam Evans Real Estate | www.HelloPamEvans.com | 678-778-6551