Did you know that people living in a community with the oversight of a homeowners association benefit from architectural controls?
Homeowners who want to do exterior modifications must get the go-ahead from their HOA to ensure any renovations comply with community design standards. That reduces instances of eyesores in the neighborhood.
That's just one example of the benefits that an HOA affords Tennessee homeowners.
Continue reading to learn about five other HOA benefits that people want -- and why they're willing to pay membership fees to live in such communities.
1. They Keep Communities in Good Shape
One reason homeowners in Tennessee like living in neighborhoods with homeowners associations is that there are measures in place to ensure the regular upkeep of the homes in such communities.
HOA rules safeguard against community degradation and encourage a consistent neighborhood aesthetic. These rules address the architecture and cleanliness so that property values are positively impacted.
According to Bankrate, the median price for a home in Tennessee in March 2023 was $360,000, representing an increase north of $100,000 in three years. Living in an HOA makes sense when spending that kind of money.
2. They Afford Access to Amenities
Another reason many people prefer having an HOA for their community is that such associations tend to offer access to family-friendly amenities. These features can add more value to neighborhoods in Tennessee.
For instance, a Tennessee HOA can offer access to things like community swimming pools, barbecue pits, parks, tennis or basketball courts, and more.
3. They Discourage Bad Behavior
Yet another benefit of an HOA is that it discourages anti-social behavior. Because of the regulations that apply across the board, people are encouraged to respect the rights of community members.
The rules are designed to apply to everyone. Regulations relate to things like:
- Parking restrictions
- Landscaping
- Noise-level compliance
- Short-term rental rules
4. They Use Funds for Community Projects
One of the benefits of an HOA is that it uses some of the membership fees to fund vital community projects.
Funds are earmarked for things like HOA property maintenance in common areas, replacing playground equipment, and even painting facilities. Having funds for the upkeep of the community will ensure the community is cared for.
5. They Increase People's Pride in Their Communities
People who live in neighborhoods with HOAs often have greater pride in their communities. A good HOA not only will have HOA meetings that encourage community members to attend, but also will seek feedback.
People living in these areas can have input into regulations that impact them. They can learn about things they can do to benefit themselves and their neighbors.
There Are Major HOA Benefits
People who move to communities with HOAs are looking for benefits like the five detailed above. Many HOAs rely on property management firms to ensure that community members get what they expect from membership fees.
Working with a reputable property manager can help HOAs function more effectively, efficiently, and productively.
PMI Main Source can provide the HOA benefits homeowners in your community want. We serve Nashville and surrounding communities. Get in touch to learn more.
