If you’re looking to buy a home in Florida, the acronym “HOA” will become very familiar to you. HOA stands for homeowners association, and it’s an entity that manages common area costs for those who live in communities. Generally speaking, if HOAs are present in your community, you’re most likely required to pay them a fee — whether that be monthly or yearly. These fees are usually around the lower hundreds in most communities. That may sound expensive considering the cost of living and home prices, but I’m here to spell out the specifics on how HOAs benefit you more than you might know. 

Amenities
Gym memberships typically fall around $700 per year, and that’s JUST for the gym. With your HOA fee, you could spend around that same amount for access to a gym, pool, grilling area, clubhouse, tennis court, dog park and more if your community offers it! In most HOAs, these amenities are all included in your monthly fee, which means less spending per month for you in other areas. Amenities do vary from HOA to HOA, but overall, paying that HOA fee could save you a significant amount of cash each year and keep the fun close to home.

Maintenance
HOA fees also cover maintenance services that take care of yard work, roads, pool upkeep, insect sprayings and more. These also do vary from HOA to HOA though. This is a major benefit for most because the cost of these services individually can be hefty. Insurance for areas like the pool and playground could also be included in this low monthly payment. With a maintenance fee included in your HOA dues, you can spend less time on upkeep and more time spent at the beach or with family! 

Home value
One of the most important aspects of paying an HOA fee is maintaining your home’s value. In order to do so, there are some rules regarding certain features of your home. For example, some HOAs require that your house be painted a certain color, your fence be a certain height or your car to be parked in a certain spot. There may also be noise restraints, occupancy limits and even limits on how long your trash can can remain at the end of your driveway after pickup. While some of these restrictions on home design and lifestyle may be frustrating to some, the HOA seeks, above all else, to keep your home and the overall community appealing for future buyers. This investment now could repay itself bigtime in the future. 

Community
Another perk of being a part of  an HOA is a sense of community that comes with it. Community events are often hosted in the neighborhood, which gives you a chance to really get to know the people who live around you. Along with that, resident communication is a priority in HOAs. They aim to keep their residents informed and active in the community in which they live. HOAs strive to keep you in the loop on all things related to your neighborhood. With a constant flow of communication, board members and residents are able to clearly lay out their concerns or praises for the community. This leads to necessary changes being implemented and also strengthens ties between board members and residents. 

In the end, HOA fees are there to help you and your living experience. If you’re looking for a home in the SRQ area and have questions regarding the homeowners association in your community, please feel free to contact me at 941-225-1500 or AmyChapman@michaelsaunders.com.