Having a Homeowners Association in your own community has many benefits, yet not all neighborhoods have them. Luckily, if you do want one, you can take the steps to start your own. Before you know it, you’ll be on the right path to making sure that your neighborhood remains an ideal place to live, by putting beneficial programs in place and protecting against exposures. If you want to start an HOA, Homeowners Association Insurance Programs and other safeguards are also a wise investment.
Benefits of an HOA
What can an HOA do for you? Living in a community that is regulated by an HOA can have its challenges, but many believe the benefits outweigh them. This type of investment into the community can have payoffs such as:
- Creating a fund for maintenance and repairs in the community
- Landscaping and upkeep of common areas
- Community amenities such as pools, picnic areas, clubhouses or playgrounds
- Potential property value increases
- Setting ground rules for members so that the community can be enjoyed fairly by everyone
For starters, it is important to canvas the community to see who else may be interested. If there seems to be positive feedback, set up the first meeting to include more specifics such as membership terms, fees, legalities for your HOA, Homeowners Association Insurance Programs and other startup details.