Don’t Fall for These: Top HOA Myths
Don’t Fall for These: Top HOA Myths
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The value of your community determines the value of your house. If the area around your house is falling apart, then your property will lose value, regardless of how well you have done on up-keep.
HOAs are one of the best ways to ensure that your community meets the high standards to which you hold yourself and your property.
However, because HOAs are so diverse in their goals and makeup, there are many different myths about them.
Regardless of how many rumors you hear about HOAs, the truth is that some HOAs will fit well with your lifestyle, and some will not.
Do not let yourself be scared off from buying your dream home by an HOA. The truth is HOAs can be majorly beneficial to the homeowning experience.
In this post, we will dispel some of the HOA myths that you might hear.
The Truth About HOAs
Many prospective homeowners tend to be wary of buying a home under the protection of an HOA. They have heard nightmare stories from their friends and family regarding HOAs and worry that they will fall into the same fate.
The truth about HOAs is that the vast majority are focused on improving the lives of community members.
We broke down some of the most common HOA myths below.
Myth: HOAs Exist to Make Money off Residents
HOAs do charge monthly dues, but that money never goes into the pockets of board members. Instead, it is invested back into the community.
Your monthly dues go towards maintaining shared community spaces, maintaining utilities, making repairs, and hosting events that bring the community closer together.
In short, when you pay HOA dues, it is an investment in your community.
Myth: Board Decisions are Private
While HOA boards occasionally must hold private sessions, the vast majority of meetings are open to the public and rely on the voice of residents for major changes.
Make no mistake: when you are a part of an HOA, your voice is heard. Rule changes are the result of grassroots action in your community.
The board members are residents of the community and will not make rules that adversely affect residents.
Members of HOAs are invited to regular meetings and are given time to make their voices heard.
Myth: HOA Fees are a Waste of Money
The more involved your HOA is in your neighborhood, the higher your dues will be.
While it may not be pleasant to pay your monthly dues, you get what you pay for. All HOA fees go towards community improvement and events that benefit homeowners.
HOAs that make regular investments in the community will see that property values steadily rise over time.
Better HOAs Make Better Communities
Just like with any service, some HOAs will be an ideal fit for you, while others will be a mismatch.
Before you purchase a home, make sure you do thorough research on the governing HOA.
If you are looking for an HOA that always puts the community first, look for an HOA managed by Management Plus.
Management Plus is the best community management firm in the Cincinnati area. We work hard to identify the needs of our community members to ensure that they have an HOA that works for them, not the other way around.