Common Misconceptions About Homeowners Associations

Home > Property Management Blog > Common Misconceptions About Homeowners Associations

Here at Thornburg & Associates, Inc., we want to help you with all of your real estate needs, and that includes answering your questions and explaining anything you are confused about. One thing that we receive many questions about is homeowners associations, as there are a number of pervasive misconceptions about what these organizations are and what they do. In this article, we’ll go our best to clear up some of the most common of these misconceptions so that you can base your decisions on accurate information.

Common Misconceptions About Homeowners Associations

  • Myth #1: They only exist to make money.  One idea that many people have about homeowners associations is that they only exist to make money. While it’s true that these associations do collect funds, that money is then used to maintain various amenities in the community, not line the board members’ pockets. While people may not enjoy paying association fees, most do enjoy making use of community spaces and facilities such as swimming pools or exercise facilities, so that money is well spent.
  • Myth #2: They always increase property values.  Another misconception that people hold is that belonging to a homeowners association will automatically increase their property values. The reality is that it’s the amenities that the association manages, not the association itself, that really affects the value of local properties. In other words, if the association is poorly managed and the members don’t keep these amenities in good shape, you may even see a decrease in property values.
  • Myth #3: Their rules can’t be changed. Lastly, many people believe that living in a homeowners association community means living under a bunch of strict rules that are more trouble than they are worth. We are here to tell you that the rules of your homeowners association can be changed when necessary in order to keep up with the challenges of the current moment.