Top 3 Benefits of a Homeowners Association

If you’re unfamiliar with the concept, you may be reluctant to purchase a home, townhome, or condominium that is part of a homeowners association. While it’s true that membership will add to your monthly costs, there are at least three benefits you receive from living in a community with a homeowners association.

Financial Protection

When you pay your monthly association fees, part of that is used to fund a policy with a community associations insurance program. The main policy will often pay for losses to common areas and community buildings like a clubhouse or pool. Depending on your ownership agreement, it may also cover your exteriors like the roof and siding.

Community Purpose

You’re already a community through proximity, but a homeowners association extends that to a legal and financial agreement. Members of your community will have to maintain a level of cleanliness and neatness on their property, and you have input community projects through the association.

Included Amenities

One of the most obvious benefits is the included amenities your community offers. Pools, tennis courts, recreation facilities, and activities are all funded by your association fees. Because the cost is spread between all of the residents, it’s an affordable way to have luxurious extras.

It’s true that you must consider your budget when evaluating whether you should purchase a property within a community that has a homeowners association. However, it’s equally as important to understand what you’ll be getting for your money as well.