More Neighborhoods Fall Under HOA.
Does HOA Increase Property Value in your community? Why do we have HOA and are they mandatory? See what states have Home Owners Associations. According to National Association of Realtors, 21% of the United States population resides in communities governed by the association. HOA stands for the homeowners association and it does not just imply to homes it is also applicable to condos, co-ops, and townhomes. Any community that has multiple residences and offers a lot of commonly shared amenities may fall under HOA guidelines.
How does an HOA or condo association gets formed? Well, that is usually something that the developer of the community or development decides during the development process. Theoretically speaking by forming an HOA or condo association the community increases its value by providing a lot of common improvements that increase the resident’s way of life. Some examples of HOA or condo association improvements may include a pool, tennis court, children playground, maybe a walking and jogging trail. It could also be things like a common gym, or a barbecue and picnic area and so on.
What are The Benefits of Home Owners Association
By forming an HOA, community benefits from all of these activities and amenities and shares all of the maintenance and expense associated with the improvements. As example a pool may be something that a homeowner may want to add to his backyard, but the cost could be $30,000 dollars and more but by having a pool in a community that same owner may choose not to do that and just use the pool in the community and simply pay part of the cost associated with upkeep and maintenance of the pool. It saves the homeowner money to build the pool, insurance costs and repair costs should anything go wrong.
The study, conducted by the Community Associations Institute and published by the Foundation for Community Association Research, estimates that there were 342,000 community associations nationwide last year, and that number could rise as high as 347,000 this year. In 2016, homeowners associations accounted for up to 55 percent of all community associations; condo associations accounted for up to 45 percent; and cooperatives accounted for 3 percent to 4 percent. For comparison, in 1970, only 10,000 community associations existed.
Why Do We Have HOA
So the question many buyers ask is why do we have the HOA? For starters when HOA is formed by the developer it must have board members. Home Owners Associations are a not for profit corporations, they are there to improve the quality of life and maintain the quality of life of the community. Eventually when the development is finished or reaches a certain percentage of completion developer turns over the Home Owners Association management and operation to the board members usually elected by the homeowners or condo owners.
The board members are volunteers that choose to run for the board, they do not get paid but they do get to vote and decide the needs and what goes on in the Home Owners Association based on the regulations and rules set forth in the condo docks bylaws. The association board has a budget and operating expenses just like any other corporation, but they can not have a profit. The board sole responsibility is to improve and maintain the quality of life in the community.
What States Have Home Owners Associations
Home Owners Associations are very popular throughout the country. Many homeowners associations have very little involvement in the running or requirements set forth in the guidelines. An example may be an HOA that was formed in a single home community with no common improvements strictly to maintain the common area deeded to the development. They only take care of the landscaping of the front entrance and land set aside as a buffer that is not allowed to be built on.
Other HOAs are like a government, their rules and regulations control the color of the house, its roof. They also maintain all of the grounds including the front and back lawn care of each individual dwelling. And the list can go on and on. But you get the idea. According to National and State Statistical Review, Florida boasts the highest number of community associations, at 47,900. About 9.6 million of its residents live under a community association, according to CAI. California has the second highest number of community associations, at 45,400, followed by Texas (19,900), Illinois (18,600), North Carolina (13,600), and New York (13,800).
Florida Leading the HOA Trend
Florida is one of the states that have the most HOA out of all states. South Florida has the highest concentration of condos and homes communities. When it comes to Miami and Miami-Dade County it is very easy to see why that number is so high. Living in condo association is a way of life here in South Florida. With such a dense amount of high rise buildings and the number of people moving to Florida annually it is just what it is.
And that is not a bad thing! The area that I in particular work in and live, is almost 100% has some form of association. By the way, my name is Leonard Woshczyn, I am a local Realtor here in Sunny Isles Beach Florida. Living in Sunny Isles is wonderful, the City has so much to offer. At only about 2-mile stretch barrier island, Sunny Isles has everything one would want or need, all within a walking or a short drive. Sunny Isles Beach is an island just south of Fort Lauderdale Airport. So it is easy to get here!
Other popular cities around North Miami include Bal Harbour, Hallandale Beach, Hollywood Beach, Surfside, and Aventura. This area is a very popular destination for vacation and full-time residence. It is well developed if that is what you like, close proximity to Miami and Fort Lauderdale, so whatever one would need we have it.
If you are interested in getting more information on the North Miami area you may reach me directly at 786-505-4786 or take a look at my site and see if North Miami is something that may be in your future move See Listings in Other Cities. I am always available to answer any questions you may have if I don’t know I will get it for you. Thanks for reading I hope you found this info useful.