HOAs are often mocked for imposing strict rules and imposing cookie-cutter aesthetics on home buyers and owners. But those rules have the potential to result in a higher home value for you. And that could benefit you in a couple of ways. First, the more your home is worth, the easier it becomes to borrow against its equity, whether in the form of a HELOC, a home equity loan, or a cash-out mortgage refinance. Also, if you decide to sell your home, you may find that you're able to get a higher price for it. A University of California, Irvine study cited by HomeLight found that single-family homes governed by HOAs sell for an average of 4% more than non-HOA properties.

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