What does a homeowners association manage?

A homeowner's association (HOA) plays a crucial role in managing the common areas within a planned unit development or condominium project. This typically includes shared facilities like swimming pools, clubhouses, parks, and landscaping, which are collectively owned by all residents. The HOA is responsible for maintaining these areas, ensuring they are kept in good condition, and overseeing any necessary repairs or improvements.

By focusing on the upkeep of these common spaces, the HOA helps to preserve the aesthetic and functional quality of the community, which can directly impact property values and the living experience for all residents. Additionally, the HOA may set rules and regulations to govern the use of these common areas, further supporting a cooperative living environment among homeowners.

The other options relate to aspects of property ownership and management that fall outside the primary responsibilities of an HOA. For instance, managing the financial assets of property owners and legal rights associated with ownership typically involves different entities, while the maintenance of individual units is generally the responsibility of the individual homeowners rather than the association.