Why Are Condo Associations and HOAs Popular With Homeowners?
Why do homeowners continue choosing homes and condos in communities with associations? Buying a house or condo in an association-run neighborhood or building offers plenty of benefits to homeowners. Despite the negative things buyers might hear about buying into an HOA community or paying homeowner fees, community associations continue to be a significant draw for buyers and a popular amenity for homeowners.
What makes condo owners associations and homeowners associations so popular? Today our community association management experts offer insights!
What Is a Condominium Management Association?
Before discussing the factors that contribute to HOA popularity, it is essential to define what community associations and condo owner associations are. A community association is a legally formed group of individuals who have purchased one or several residences in a community. They end up sharing common spaces and amenities within the community. The community association board manages all community activity, including maintaining community facilities, promoting social events for members, approving or disapproval of exterior changes made by homeowners, and more.
While homeowners dislike the rules and regulations of owning a house in an HOA-run community, many residents prefer the benefits of a homeowners association vs. neighborhoods without this type of governing entity.
Why Are Community Associations So Popular?
So, why are residents drawn to communities with an HOA? A well-run community association delivers many things that condo owners and homeowners look for in a thriving neighborhood.
Community Stability
Many homeowners choose an area that offers a specific quality of life. With an effective HOA board, residents know that property values will remain high, and the neighborhood will maintain the quality they appreciated when they first chose their home in the community.
When homeowners can rely on their condo association board to maintain structures and enforce the rules consistently, they know their HOA dues are money well spent in a community they’ll enjoy calling home for many years.
Excellent Services and Amenities
Homeowners also choose condominium communities or neighborhoods because of the amenities maintained by the board. Whether your community association offers a neighborhood pool, fitness center, tennis courts, a park, clubhouse, or all of these features, homeowners appreciate being able to take advantage of these resources close to home.
They also know that these community resources will stay in excellent condition due to diligent board oversight and planning.
Low Costs for Condo Ownership (With High-End Benefits)
Owners within condominium associations often enjoy the low cost of entry (and low maintenance) that comes with owning a condo. Compared to buying a single-family home that requires ongoing maintenance and lawn care and landscaping upkeep, buying a condo makes it easy for first-time buyers or aging residents to enjoy low-maintenance homeownership with high-end community amenities.
Delivering excellent condo owner association management makes your building more attractive to people looking for their first (or last) experience owning a home.
Community Involvement and Buy-In
With a strong community association, homeowners enjoy the sense of involvement and collective effort in maintaining the neighborhood and standard of living. Since a homeowners association is comprised of community residents, homeowners can participate in the neighborhood’s care. Plus, with everyone on the same page with maintaining the quality of the community, homeowners enjoy a well-run board that puts the community’s needs first.
Is Your Community Association Popular?
Does your condominium association attract new homeowners? Do current owners stay in part because of the services your association provides to help create a happy and healthy community? If not, it might be time to review your operations and services to find ways to improve this important feature for residents.
The best community management companies can tell you that, popular associations:
- Set dues at a reasonable amount for residents
- Effectively budget and use HOA dues to serve the community well
- Enforce the rules fairly and consistently
- Provide transparent financial reports
- Make it easy for residents to pay dues and find HOA documents online
- Hold board meetings regularly (and stick to the agenda)
- Address community concerns or complaints promptly
- Maintain common areas and amenities to keep them in excellent condition and functioning well
- Listen to residents
Choosing effective leadership as your community association managers and board members and following best practices to operate on behalf of your condominium residents can be challenging without the right insights. If your community association isn’t one of the best-selling features of your neighborhood of condo building, consult a community association management company for guidance!
Make Your HOA Your Best Feature With a Community Association Management Company
The popularity of HOAs and condo owners associations shows no signs of declining any time soon. To attract and retain residents and elevate the popularity of your community, it’s essential to make your HOA one of the best features in your area!
Working with a community management company can help you identify areas that can improve your board and association operations. Trestle Community Management offers consulting services to help boards serve their communities well! Whether you need full-service management assistance or help with finances or consulting only, reach out soon to learn how our community managers can help!
