One of the top reasons for having a home-owners association is to protect property values for owners. The HOA has a series of rules, regulations, and processes in place to ensure HOA communities are looking their best for the owners and are able to attract potential buyers.
Having an effective HOA that is managed properly can help increase property values. Statistics show that homes in well-managed communities often have a faster turnaround because buyers are attracted to all they have to offer. Below are just a few ways that the home-owners association can protect or enhance property value:
- Enforcement: HOA’s have rules in place to ensure that each member is held accountable for the exterior maintenance of their home, to include the yard and landscaping. You don’t have to worry about neighbors painting their front doors pink or leaving a wrecked car in the front driveway for weeks on end. Any major changes to the property, such as adding a pool, deck, painting the fence, or building a shed must be approved by the HOA ahead of time. These rules are not meant to be a burden, but rather to increase and maintain the aesthetics and appeal of the neighborhood. Living next to a poorly maintained home can quickly detract from your home’s value, even if it’s in great condition.
- Neighborhood Maintenance: The HOA will contract with landscapers, roofers, contractors, and other professionals to keep the common areas of the community in great condition. Just as homeowners are responsible for their property, the HOA takes responsibility for maintenance and upkeep of common areas and amenities. This makes your neighborhood more attractive in order to maintain property values and attract new buyers.
- Amenities: One of the perks of living in an HOA community is that there often is an array of amenities available to homeowners such as a park, pool, recreational areas, a club house, and other features. This can make your community more inviting to potential buyers because they are able to enjoy these assets without having to maintain them on their own or pay extra for memberships. Costs are included in HOA assessments. Neighbors tend to take more pride in where they live when everyone around them does as well.
An HOA holds everyone to the same standards and expectations, therefore everyone is working together to protect and enhance the value of property within the community. Hiring a professional management company such as Concept Association Management, can help your HOA stay on top of enforcing rules, contracting with quality service providers, handling financial matters, and ensuring the community is at its best.