The state of Virginia ranks high in the national HOA real estate landscape. It takes the 12th spot nationally with the largest number of residences belonging to HOAs.
Virginia Ranks High in HOA Real Estate
The Foundation for Community Association Research collected data in December 2021. Based on its information, over 2 million Virginians live in more than 9,000 HOA neighborhoods. Like most homeowners associations, these HOAs collect fees for landscaping, maintenance, and upkeep of amenities such as playgrounds, gyms, and pools.
Ellen Butters, a real estate agent in Culpeper for over 20 years, said property owners can expect to maintain or increase their home values above average when living in an HOA. According to her, some Culpeper buyers search for properties specifically with owner associations. However, some also look for those without associations to avoid fees.
The Growth of HOAs and POAs
Homeowners associations are confined to residential areas, while property owners associations may have residential and commercial properties. According to Butters, HOAs are becoming more common as the county grows. Large builders are developing county areas and farmlands into planned developments—it’s the current trend. Meanwhile, smaller developers use deeded restrictions and covenants to promote a specific vibe or lifestyle.
Homeowners who want to improve their properties within POAs need to review the rules and regulations. This is true for major projects such as constructing decks or even for minor changes such as repainting the exterior. They may need the approval of an architectural review committee before proceeding with the plan.
Some families miss this step and end up having a violation listed on the resale disclosure form. Thus, property buyers should seek help from an experienced real estate agent so they’re aware of the community’s covenants and restrictions.
Virginia ranks high in the HOA real estate industry. Evidently, HOAs will continue to shape Virginia’s residential landscape. Homebuyers and real estate agents must be able to navigate the benefits and challenges of living in HOAs and POAs as they continue to increase in number.
