From higher home values to reduced maintenance responsibilities, homeowner associations provide numerous benefits for Charlotte residents. Around 25% of the US population lives in regions governed by an HOA, but this number increases to 75% in the south and southwest. Ultimately, HOAs are designed to foster camaraderie and help the entire community flourish.
Most people are pleased that they made the decision to live in a community governed by an HOA. As many as 92% of homeowners rate their experience of their HOA as positive (70%) or neutral (22%). In particular, homeowner associations are popular with retirees and recent “empty nesters”, as well as people looking for help with maintenance responsibilities. Residents can also benefit from their HOA acting as a mediator and advocate during neighbor disputes. Moreover, HOAs that work with professional community association management companies can further improve quality of life for residents. For example, management companies host events or block parties to foster community spirit and create a sense of vibrancy and cohesion for residents.
Higher average home value
Charlotte homeowners belonging to a homeowners association can benefit from higher property values. A big reason for this is that buyers are always looking for homes that primarily look good. With the help of an HOA, homes typically have a uniform appearance and belong in neighborhoods all with the same style — a big draw for buyers. Homeowners associations also boost aesthetic and curb appeal to attract buyers.
Maintenance is a huge responsibility for homeowners who are not part of an HOA. In fact, the average Charlotte homeowner spends anywhere between 1% and 4% of their home’s total value on maintenance and repair issues every year. So, for example, a home that costs $200,000 ends up needing between $2000 and $8000 worth of repairs annually. Roof repairs, fixing a foundation, and replacing HVAC units are some of the most pricey maintenance expenses. As part of a homeowners association, however, Charlotte homeowners may find themselves only responsible for the interior maintenance of their property, while the HOA takes care of outdoor maintenance like mowing, snow removal, and road and roof repairs. Members may also be able to benefit from access to an emergency maintenance hotline, open 24/7 365 days a year.
Homeowner associations are improving quality of life for Charlotte residents. High rates of satisfaction, increased home values, and less maintenance responsibilities are key ways Charlotte residents can benefit from joining an HOA.