For decades, homeowners have chosen to live in HOAs (also known as common-interest developments) because of their ease of maintenance, higher maintained property values, and sense of community. Below are just a few of the reasons that over 35% of California residents choose to call these communities home!
Attractive to First-Time Homebuyers Condominiums and townhouses offer a more affordable price point to first-time homebuyers. With first-time homebuyer assistance programs and FHA financing widely available, the dream of homeownership is within reach, giving more people the opportunity to support the Associations they call home while building equity.
Ease of Maintenance Whether busy with a career, traveling, or just don't want the hassle, HOAs offer a unique opportunity to have amenities like a pool, gardens, and clubhouses without having to worry about maintaining them, or about who is going to watch after them when you're out of town. Similarly, the Association will generally handle things like roof maintenance and replacement, building painting, maintenance of lighting, re-paving of driveways, and other items that standalone homeowners would generally need to budget for.
Maintenance of Property Values Homes in an Association can sell for a premium, with benefits such as a set of rules that all neighbors must follow and uniformity of construction and aesthetics playing a major role.
Community The sense of community that living in a common-interest development affords is one of the reasons that so many people prefer this type of homeownership. Whether just seeing your neighbors in the hallway, or serving on the Board of Directors or a committee, HOAs offer a multitude of ways to get involved and build lifelong friendships!