Whether you are ready to move from an apartment to a home or just want to change neighborhoods, you consider many things when buying a home. For one, you decide if you want to live on a property with land or in a community. Most communities include Homeowners Association (HOA) fees which may seem unattractive at first.
The average HOA fee is $250 a month, but this varies. The HOA benefits included often makes the price worth it. If you want to find out what these benefits entail, continue reading.
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1. Reduced or No Utility Bills
What is and isn’t included in HOAs vary, but if there is one thing a majority of HOA have in common it’s that they fees include basic utilities. You may not have to pay anything on water and gas. Other services, like trash, sewer, and recycling are also included.
You are able to cut down on the number of bills you pay on a monthly basis. You may only have to worry about your electricity.
2. Awesome Amenities
If you enjoy recreational activities and social options, you will love the wonderful amenities HOAs offer. You won’t have to pay much or anything at all to access the gym or laundry services.
There are amenities you can take advantage of on your own or participate with your family. Amenities may offer tennis courts, cookouts, or nature pathways.
Shared communities are often covered by a special type of insurance. These areas are safe and protected with the liability insurance you help pay.
3. Less Maintenance Work for You
Another of the many benefits of HOA is the maintenance work they offer. You never have to worry about taking care of landscaping or hiring someone else to do it. You rarely have to call for work either because workers are hired to complete assignments on a schedule.
The community roads, roofs, walls, and buildings are repaired as well as all A/C, heating, and electrical systems in common areas. If additional work is required in your area, communicating with the community is easy.
Communities offer great security for residents too. You feel safer without having or needing a security system in place.
4. Ability to Increase the Selling Price
When you are ready to get out of the community and find another place, the move may profit you. The average single-family home sells for about $14,000 more compared to homes without HOAs.
When you look at it this way, the money you pay in HOA fees is returned to you, even if it’s just a portion. Keep in mind, the selling price is more for larger homes and drops as the home ages.
Take Full Advantage of HOA Benefits
You may feel as if you’re throwing away your money with HOA fees if you don’t take full advantage of the HOA benefits. This is often the case for those who don’t use the gyms, pools, golf courts or attend social events. You’ll feel more like a member of the community when you do.
If you ever forget the reason you’re paying for HOA fees, remember you’re never going to be the one who has to mow the lawn, paint outside, repair the roof, or shovel the snow.
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