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Don’t Hate Your HOAs

By Mike in Urban Lifestyle with 0 Comments

Many property owners, including those who own Little Italy condos, Cortez Hill lofts, and Marina District penthouses, have developed negative feelings for their HOA because of high monthly dues or notices they have received about violations of strict HOA rules. While there may be a few things to dislike about HOAs, there are true benefits associated with these organizations as well.

Maintains Property Value

A strong HOA will help your property values stay high by maintaining or improving the condition of the neighborhood or community. For example, a condo unit’s value will be tied to the quality of the amenities in the building as well as to the overall condition of the building. Because of this, many people who understand the value of an HOA will seek out a new property with a strong HOA rather than a weak one that is poorly managed.

Protects Owner’s Rights

The HOA also ensures that the rules are enforced fairly and protects your rights as a property owner as well. For example, your particular condo building may have a noise ordinance, and the HOA will handle any complaint you have with your neighbor without you having to get directly involved.

Monitors Legislation Changes

An HOA will also actively monitor pending legislation changes, building developments in your area, and more. These are things that may impact property value, the living experience of residents, and other critical factors. Because most residents do not have the time to actively monitor these developments themselves, the HOA can be an advocate that protects the residents’ interests.

You may not always enjoy every aspect associated with having an HOA, but a strong HOA presence can be a true benefit. When you are paying your dues, dealing with a notice of a rule violation, or having some other issue with your HOA, try to stay focused on the benefits that the organization provides to you.

When shopping around for Downtown San Diego real estate, always keep the HOA in mind, as it can significantly affect your monthly payment amount. You might also consider working with a friendly and experienced agent who can offer you comps based on the area and amenities and advise you on whether or not a unit in a specific building is really aligned with your purchasing goals. Reach out today, and take the next step to buying the home of your dreams! ')}