5 Ways an HOA Improves Property Value
The main purpose of a homeowner’s association is to protect and increase the property value of the homes it serves. That is why many people are interested in owning a home within a strong and effective HOA community.
In general, HOAs can increase a home’s value by as much as 5.4 percent. They do this by maintaining a more uniform appearance in a neighborhood and increasing its overall desirability. Let’s take a look at the beneficial ways an HOA can protect and improve a neighborhood’s property values.
1. Proper Upkeep and Maintenance
An HOA ensures common areas in a community are always well maintained. They’ll plan and schedule regular maintenance and choose contractors and projects based on long-term value.
2. Enforcing Standards and Rules
The HOA has the power to enforce the community’s standards and rules, including those that relate to exterior maintenance and uniformity of individual homes. This keeps the neighborhood looking beautiful and prevents any single home from bringing down the others’ property value.
3. Better Amenities
Upgraded common areas, pools, and basketball or tennis courts are all amenities that are commonly included in an HOA membership. They are paid for and maintained by the HOA. The HOA’s funds come from HOA fees and assessments and should be managed very carefully to provide reserve funds for emergency maintenance and projects or reinvestment in community amenities and common areas.
4. Emergency Services
One of the lesser-known advantages of being a member of an HOA is that should you go through a flood, fire, break-in, or other types of unexpected emergencies, the HOA can assist you with emergency services. An HOA’s quick and professional emergency contact services will help alleviate any stress on the homeowner and protect the property from further damage.
5. Protects the Neighborhood’s Reputation
There are many things that an HOA can do to protect the reputation of an area, including controlling the media narrative. The HOA can educate the residents about how social media posts and comments can affect a neighborhood’s reputation. A great way to promote the community is to run social media campaigns dedicated to promoting the area where members can interact and contribute.
If you want to help increase your property value, a great place to start is getting involved with your HOA. An HOA aims to protect and increase property value by maintaining a more desirable neighborhood. Your involvement will mean that you will have a lot more say in how things get done and help build a better community in the long run.
AR Management can help boards with property, fiduciary, and decision management. If your HOA is looking for assistance, contact us today.