When you move into a new subdivision, condominium, or gated community that has a Homeowners Association, you may resent the fact that you will be required to pay HOA dues. However, HOA dues are actually extremely beneficial in the long run, and can add significant value to your home with very little investment on your part.
HOA dues are simply a way for members of a community to maintain their quality of living for a cost that is far less than what they would pay individually. You may not have been able to afford a pool, a personal gym, or professional landscaping at your old home, but by pitching in a small amount to your HOA, you can live in a beautiful area full of high-quality amenities at very little extra cost to you.
Below are some of the top ways in which your HOA dues save you money.
The vast majority of people do not have the resources to pay for a pool, clubhouse, grilling area, tennis court, and dog park at the same time—all amenities that many housing communities offer. By paying your HOA dues, you are enabling yourself to enjoy a host of amenities for less than half of what you would pay for, say, a single swimming pool. No one likes to share the burden of paying for amenities, but everyone likes to be able to have access to them. With the collective buying power of the entire community, amenities prove to be an excellent bargain for homeowners.
Maintenance and Services
HOA dues also allow you to enjoy upkeep and maintenance services which you ordinarily could not afford on your own. Landscaping, snow removal, leaf removal, pool management, insect spraying, and other miscellaneous services would be extremely expensive if you commissioned them altogether for yourself, but by paying a small HOA fee every month or year, you can affordably enjoy a lifestyle with no gutters to clean, no lawns to mow, and no sidewalks to shovel. Even better, when HOAs and homeowner’s management companies buy these services “in bulk”, they typically are able to receive them at a drastically reduced price. These savings get passed on to you.
Improved Resale Value
While it may frustrate you that you cannot choose the paint color you would like, what size of dog you can have, or which holiday decorations you may erect due to your HOA’s rules and guidelines, remember that all these standards exist to make your community more attractive to potential homeowners. By paying your HOA dues, which contribute to purchasing high-quality amenities and services, you are investing in a home will have a much higher resale value in the future. By paying just a small amount to your HOA every month or year, you are investing in your future financial success.
Homeowners Management Company Benefits
HOA dues are certainly one of the most frustrating aspects in living in a community housing development. However, it is important to remember that no one is profiting of your HOA dues. They are your share of the property expenses, divided evenly among your collective square footage. By paying your HOA dues, you are ensuring that you can have a safe, comfortable quality of life, all while saving yourself money in the long run.