There has been much debate recently about HOA fees. In California, there is talk of a bill to help protect owners from fee hikes that make their living arrangements unaffordable.
But there is another side to this.
Fees may be an unwelcome line in the monthly bank statement, but those costs appear for a reason. In this guide, we'll set the record straight about where your HOA fees go and how homeowners benefit.
1. HOA Property Maintenance
The surroundings of a housing association property require work. There will be landscaping between houses, parks, and playgrounds, and a community pool that needs maintenance and cleaning.
You could have street lighting, security cameras, and gated areas that require upkeep. Many housing associations also have facilities like gyms and community buildings.
That's why your fees are essential. They ensure the surroundings stay in the same pristine condition as your home.
2. It Funds Better Amenities
Communities benefit from premium amenities that most homeowners would have to pay for separately if they didn't live in an HOA. You might have fitness centers, a pool on site, and recreational tennis courts.
When the HOA management team receives the monthly fees from residents, some money goes towards funding new amenities and upgrading existing ones. So, as a resident, you'll always enjoy high-end facilities near your property.
It also has a positive impact on house prices. People want to buy homes in communities that have the best facilities.
3. Maintaining Utilities
In some communities, HOA fees support the maintenance of essential utilities, such as water, sewer, and trash.
Often, HOA homeowners like the convenience of paying for these services as part of their overall community fees, and it means they have one place to go if they face any problems or issues.
It also means the HOA can maintain higher standards and reliability with utility services, contributing to a high-quality lifestyle in an association community.
4. HOA Community Events
Part of the benefit of HOA living is being part of a bigger community. But you need someone to take charge, arrange events, and send out invites.
That could be something small like a fitness class or a major event like the 4th of July celebrations. Part of your HOA fees covers this, planning many events for you to enjoy throughout the year.
It's a chance to form a closer bond with your neighbors, fostering a sense of togetherness that's often hard to find in modern life.
5. Maintaining Property Values
Your fees are also an investment in your property. They will help protect house values, even in an uncertain market.
People want to buy homes in the best communities, so you're keeping demand high for your home by contributing to that community.
HOA Fees: Benefits for Homeowners
While HOA fees might get some negative attention in the news, a beautiful neighborhood in California is worth the investment for many homeowners. Having an HOA handle the upkeep means your surroundings will always look as inviting as when you first moved in.
PMI Oakland is a family-run business with a long history in the area. We know what it takes to manage and sell properties. Contact us here to learn more about our services.
