![]() If the neighborhood has a pool, a clubhouse or on-premises security, you’re likely to pay for them through your HOA fees. Since major projects can cost a lot of money, an HOA might put aside a percentage of fees over the course of several years to pay for community-wide roof and gutter replacement, for example. The maintenance of the home exterior, such as siding, roof and gutters, could be covered by an HOA, especially in a townhome community where there are shared walls. HOAs will hire someone to plow the driveways, parking lots and possibly the streets in the area after a snowfall. An HOA is usually in charge of maintenance of common areas, such as lawns in front of and in between townhomes and other common areas throughout the subdivision, including parks and along walking paths. If you plan to buy a home in an HOA, you’ll pay fees-often monthly-directly to the association to help cover a variety of maintenance costs and neighborhood amenities. The researchers found that HOAs can have a positive effect on home prices, as homes in an HOA were valued, on average, 4% higher than similar ones that did not belong to an HOA. Almost 60% of recently built single-family homes and 80% of homes in new subdivisions are in HOAs, according to a study by researchers Wyatt Clarke, who works at IBM, and Matthew Freedman, an economics professor at the University of California-Irvine. HOAs have become more common in recent years: More than 1 in 4 homeowners live in a community association, according to the Foundation for Community Association Research, a nonprofit that provides analysis on HOA trends. The board can enforce rules-known as covenants, conditions and restrictions (CC&R)-that could result in fines and legal action for residents if they are not followed. ![]() HOAs are usually governed by volunteer resident-led boards that also might include a representative from a development or management company. HOAs also provide upkeep of common spaces and sometimes the property surrounding individual homes. ![]() An HOA is a resident-run private organization that governs a neighborhood, primarily to set up and enforce rules that are aimed at keeping the neighborhood’s appearance consistent. ![]()
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