One of the most attractive aspects of living in a planned development or condominium is the community amenities that are available to residents. Perks such as a resort-style swimming pool, tennis courts, and an onsite clubhouse drive the demand for your community and increase property values. The Homeowners Association (HOA) is responsible for the upkeep of these amenities as well as maintenance, repairs, and security of common areas.
Of course, there is a cost associated with maintaining community amenities and common areas, which is why residents are responsible for paying HOA common area fees. Since this topic can create frustration for some residents, we want to take a moment to address the importance of paying HOA common area fees, even for residents that are not there to use them:
- Creates manicured appearance of common areas.
When the landscaping of common areas is handled by an HOA, the community will have a manicured appearance that is consistent throughout the property. This makes the community more aesthetically pleasing and desirable, which plays a role in protecting property values.
- Maintains community amenities.
If you’re a year-round resident in a community, you’ll likely take advantage of community amenities such as a swimming pool, tennis court, or fitness center on a regular basis. Therefore, you realize the value of paying HOA common area fees to maintain these amenities. However, if you rent out your property, you may be frustrated that you’re responsible for paying for the upkeep of amenities that you don’t even use. It’s important to remember that a community’s amenities are a big draw for renters, so paying the HOA common area fees will allow you to earn more rental income and ultimately increase your property value.
- Prepares for property updates.
HOA fees help to create a reserve for future improvements for common areas or provide a financial buffer in the event of unexpected damage. Because the HOA is creating a reserve account for property updates with the HOA common area fees, property owners can have the peace of mind that the community will remain updated and in good condition, thus helping to protect property values.
As you can see, there are several benefits of paying HOA common area fees, even for residents that don’t reside in the property year-round. To learn more about HOA common area fees and how they play a role in maintaining community amenities, please contact us at Vesta Property Services.