The Benefits of an HOA and One Big Downside
In a good news/bad news scenario, most people like to hear the bad news first. So here it is and it’s a big one: don’t buy a house in a homeowners association if you want to celebrate and exercise your freedom of expression with your home! You may find the HOA to be inflexible and nitpicky. It’s easy to think, “Surely, everyone loves my giant naked Santa display from November through January,” and let’s get real, who wouldn’t? Oddly there are some people who don’t love a good sight gag (pun intended). But if that’s not a deal breaker for you there are some serious benefits of an HOA.
NO COUSIN EDDIES. The first advantage is a flip on the previous paragraph. With a homeowners association, depending on the particulars, you might be able to keep your neighbor from displaying his inflatable naked Santa, or maybe keep his Cousin Eddie from emptying his RV’s sewage in your drain. It’s easy to think the administrators of the HOA are a bunch of nerdy killjoys who were probably the kids in class that reminded the teacher to give homework, but when they are on your side, they can be a godsend. Btw, if you don’t get that reference about Cousin Eddie, it’s - oh, nevermind. It’s not funny if you have to explain the joke. We’re just a little full of it.
INCREASED PROPERTY VALUE. Because there are certain levels of expectations as far as the aesthetics of your home, houses in neighborhoods with HOAs tend to sell a little higher - about 4 percent higher. From the height of the grass to the style of garbage container, uniformity can look professional and even classy at times. Matching fences, choice styles on siding, similar grasses and mulch - these give a community vibe and ensure the entire neighborhood maintains a high level of appeal. And, having freshly repainted mailboxes has to raise the value of the homes by at least $50, right? Hey, it adds up.
HOAs CAN COME WITH PERKS. They often provide for snow removal, trash collection, pest control, sometimes lawn care, lifeguarding, etc. The HOA fees yield amenities that you might want but not want to pay for directly, like access to a pool, golf course, tennis court, playground, or a reservable meeting space like a clubhouse. In some neighborhoods, there are even free interior and exterior maintenance services or design assistance. It’s also not uncommon for HOAs to take care of the basic utilities. Although the fees can be scary, the services and opportunities the fees provide can add quality to your life and value to your home. You may not like golf, but the person who wants to buy your house in 10 years might.
People repeat how high the fees are for an HOA, but at least you know what you are getting for your money, and you are agreeing to it ahead of time. It’s the restrictions and squabbles with the HOA you may not have had on your radar. Sometimes it can feel like being part of an HOA is like making a deal with the mob. You have to pay them a fee, they protect you from your neighbors and provide you a certain level of freedom, you do whatever they say, and then they penalize you when they feel like it. Okay, that was too much. We haven’t heard of any associations beating anyone up behind the pool house yet, but they really do make you an offer you can’t refuse.
Thankfully the benefits of an HOA are significant. Peace of mind, amenities, resale value, less work, having someone else making your neighbors behave - these are not to be dismissed flippantly. If you would like to discuss this further, Sellers Choice Real Estate would love to talk to you. Contact us when you’re ready so we can earn a relationship with you!
When you’re ready to take your next step to sell your home in North Myrtle Beach, South Carolina, be sure to contact Sellers Choice for your best choice in real estate needs. The agents at Sellers Choice Real Estate will aid you in completing all of the steps mentioned above, as well as help you take any additional steps to help you sell your home quickly and without any added stress.