The Home Owner’s Association is a non-profit organization set up by property developers to look after the daily management of a residential building or set of buildings. The main purpose of having an association is to ensure that the residents are happy and have their needs met efficiently. They can also provide advice on aspects of living in the area. Rules and guidelines are set up that tenants must abide by to create a comfortable and safe environment where peace and harmony can flourish. This lessens the risk of neighbourly disputes.
Property Value
Another goal of the home owner’s association is to protect and maintain the value of the property. The management will seek to uphold the property to a high standard in order that property values are protected. This is accomplished by following health and safety standards.
To keep property surroundings in order, the association preforms routine tasks such as garbage removal, repairing electrical and plumbing issues and cleaning as well as monitoring general wear and tear. They also take steps to make necessary improvements where needed.
Amenities
Many individuals are attracted to purchasing or leasing property where such an association exists. Very often there are amenities available that many could not afford independently. Many view this as a money saving option as access to gyms and being part of a community is a major attraction. In some areas it offers options for affordable housing that would otherwise be too expensive to access.
Professional Management Companies
In recent years, it has been reported that more and more home owners are taking the step to sue housing developers. So, a Housing Owner Association can act as a buffer between the tenant and a developer. Because of the tensions that can arise in such situations, it is becoming common to outsource the associations work to the Cedar Management Group. This is an example of a company that are expert in the field of property management.
Home Owner’s Associations Becoming Global
Home Owner Associations are now a global phenomenon. From gated communities to city tower blocks, they are forms of community created to assist and maintain quality of life. Once an individual decides to purchase or lease within such a situation, there are contracts of agreement set up with associated regular fees for the service, either on a monthly or annual basis. They can preserve greatly the overall appearance of a location by limiting what individuals can do to their houses such as paint colour choice ect.
Concluding Advice
Before signing a Home Owner’s Association contract, it is advisable to be fully informed by reading the small print and being aware of their guidelines. This makes sure that where you want to live will actually suit you as there can be variances from place to place. Before you move into a community, do your research to see what the guidelines are with regards to the rules as well as the benefits.
