HOAs Aren't All Bad: 4 Reasons to Buy Into One

If you're in the process of looking for a home, you may have certain parameters in mind. First, you may be working with a specific price range based on the amount of money a mortgage lender has pre-approved you to borrow. And you may also be looking for a home with lower property taxes so you can more easily cover the mortgage loan you sign.

When searching for a home, you may also be eager to avoid buying in an HOA (homeowners association) community. HOAs are notorious for imposing strict rules on homeowners. You also have to pay monthly dues when you live in an HOA community.

But unfortunately, dodging an HOA may be tougher than expected. HOAs govern almost 60% of recently built single-family homes, according to HomeLight.

That said, owning a home in an HOA isn't all bad. In fact, you might benefit from an HOA for these reasons.

1. Less maintenance

When you live in an HOA, much of the exterior maintenance on your property is covered by your HOA. This means you don't have to bust out the snow shovel or worry about keeping your grass trimmed regularly. If you're someone who has a busy schedule with limited time for property upkeep, then you may find it beneficial to move into an HOA community.

2. A well-run HOA could result in a higher property value

HOAs are often mocked for imposing strict rules and imposing cookie-cutter aesthetics on home buyers and owners. But those rules have the potential to result in a higher home value for you. And that could benefit you in a couple of ways.

First, the more your home is worth, the easier it becomes to borrow against its equity, whether in the form of a HELOC, a home equity loan, or a cash-out mortgage refinance. Also, if you decide to sell your home, you may find that you're able to get a higher price for it. A University of California at Irvine study cited by HomeLight found that single-family homes governed by HOAs sell for an average of 4% more than non-HOA properties.

3. Access to amenities you may not be able to afford yourself

If you've ever dreamed of owning a home with a swimming pool, you may be well aware that putting in a pool and maintaining it is a very costly endeavor. If you can share in that cost by buying a home in an HOA community with a pool, that amenity might be more attainable. You might also get access to onsite perks like a clubhouse you can use to host events, instead of having to cram guests into your living room.

4. You might benefit from some of those strict rules

Many people tend to bemoan the fact that HOAs can come with rigid rules. But some of those rules might work to your benefit. Let's say you're in a townhouse that shares a wall with two other homes. If your HOA imposes quiet hours starting at 10 p.m., that alone may be the thing that stops your neighbors from blasting music -- and keeping you up when you want to be sleeping.

Your preference as a home buyer may be to avoid purchasing a home that's part of an HOA. But if you can't manage that, recognize that there are certain perks to belonging to one. However, before you buy, read the rules cover to cover so you know what you're signing up for. You don't want to end up in an HOA that's restrictive to an extreme, and to the point where it makes you sorely regret your home-buying decision.