The purchase of a home is often one of the biggest investments people make, so ensuring it will continue to rise in value can be important. Some people start with a smaller home that costs less, and others find homes they can repair on their own. These starter homes are often in older neighbourhoods, and their value will continue to rise unless something untoward occurs. They have little or no control over their neighbours, and that is one of the reasons newer housing is sought. Keeping developments pristine has become one way to lure prospective buyers today.
Home owners associations have become an important part of creating modern developments, and the reason is assuring the value of the property. These associations are tasked with keeping the residents within the guidelines, and they ensure proper maintenance is done on community property. Maintaining a development takes a great deal of work, so ensuring good management has become an ideal way to continue sales without adding more amenities to the community.
There is often a list of restrictions for residents, and the goal is to keep a uniform look of quality within the community. Residents are expected to get outside changes to their home approved before work can be done. They might want to suddenly paint their residence an unnaturally garish colour, and their neighbours might object. Keeping a harmonious look to the residences is just one part of what a housing association is charged with, and it generally covers all outside areas and appearances within the development.
The length of time an association is in force depends upon the original development charter, and some may exist as long as there is at least one residence still standing. Others last only a decade or two, and then the board running them is automatically disbanded. While the restrictions and association are in place, property values will theoretically continue to rise.