All About Greenville SC Real Estate

The Role and Benefits of Homeowners Associations

Homeowners associations are corporations that manage residential developments, condos, or townhouses. Once you buy a building or a property governed by Homeowners Associations, you automatically attain an HOA membership. This means you have to abide by HOA rules and regulations. Additionally, there is a must-pay fee once you become a member.

Generally, homeowners associations are run by directors usually elected by homeowners. The primary role of the managing board is to protect property value, oversee its common assets, and create a good living atmosphere. 

The HOA board of directors usually includes a president, treasurer, and secretary, where the president is the overall leader. The HOA secretary is responsible for keeping all records while the treasure helps manage the HOA finances.

What They Do

The HOA members usually contribute monthly or annual homeowner or condo fees. The contributed fees help maintain the common property areas, including the walkways—parking lots, and hallways. In addition, the board can employ a manager to help them with daily property and financial operations. 

Benefits of Residing in an HOA

A common question that most people ask when buying a property in an HOA is about the benefits of residing in an HOA. When purchasing a home in an HOA, it is essential to note that HOAs are usually not alike. This means that the HOA fee, common area, amenities shared, personal benefits, and the agreed guidance might vary. Following are some benefits of residing in an HOA. 

Helping Uphold Property Values

HOAs residents are liable to deed restrictions; thus, the common areas and homes are well-maintained and regularly taken care of. A well-maintained neighborhood and well-kept houses make most people desire to live in an HOA.

Architectural Controls

If you purchase a property in an HOA, you must submit any modification projects for approval by the ACC. The ACC mandate is to review the submittals to ensure all projects meet the agreed design standards.

Access to Amenities

Most HOAs will feature most of the amenities that fit your family member’s lifestyle. Depending on where you choose to purchase a home, you may enjoy features like sports courts, barbecue pits, walking trails, and swimming pools.

Increased Community Engagement

Typically, community activities and gatherings like holiday festivals bring the community together. Most people living in HOAS come together during community events instilling a sense of joy and camaraderie among neighbors. 

One way to attain a deeper connection with your community members is through voluntary community work. Additionally, community works is an excellent opportunity to bond with your friends while creating new ones.

Community events and activities not only bring the neighbors together but also help increase the HOA membership. Community engagements also help in increasing the membership pride.

Rules and Regulations Help Deter Nuisance Activities

The laid rules and regulations that govern HOA restrict any nuisance activity within the community. Other rules include parking restrictions and rental guidelines. Additionally, HOAs partner with the municipal code departments when dealing with property issues. This helps in ensuring that they comply with the set municipal rules.