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Turn that frown upside down – there are benefits of HOA dues!

What do buyers need to know if you purchase a home in a planned development, subdivision or a gated community?  You may find that you’ll likely have to join a homeowners association (HOA). In these communities, homeowners pay mandatory monthly or annual dues. Although no one wants to pay additional fees….a well run HOA can provide value and be the best solution to maintaining a continuity in the neighborhood and/or a higher standard of care in the area.  These attributes can translate into  increased resale values of the homes in the community.  

On the flip-side, some homeowners may feel the HOA restricts their personal freedom by creating and enforcing rules and neighborhood guidelines which may include, but aren’t limited to, home color, what kind and/or size pets can be allowed, and whether holiday decorations and/or BBQ’s are allowed on properties.  Don’t throw the baby out with the bathwater because HOA dues can perform a useful function and save homeowners money in the long run.

Homeowners Association dues can potentially benefit you in the following ways:

• Maintain common area landscaping; such as mowing the grass, planting and pruning trees, and maintaining seasonal flowers. They also manage neighborhood amenities, garbage/refuse pick up, water, and pest control.
• Provide limited insurance for the condo or housing development.
• Provides property insurance which covers any fees for any physical damage that happens in common areas.
• Provides liability insurance for when someone gets injured on common property.
• Delivers directors and officers insurance if someone was to sue the leaders of the HOA.
• Supplies employee dishonesty insurance in case an employee steals money from the association.

To find your perfect home, with or without an HOA, contact Jenn Blake Real Estate Group at Pacific Sotheby’s International Realty in San Diego, California at 858-663-6788.