Buying a home in an HOA is typically a smart investment. There are several benefits of HOA living, including greater potential for homes to gain more value, especially when compared to similar homes in non-HOA settings.
However, it's not automatic that HOA home value will keep increasing or even remain constant. In fact, an HOA home can depreciate. The direction in which the value of an HOA property moves largely depends on HOA management, as well as the input of the property owner.
In this guide, we're sharing a couple of tips association managers and homeowners can use to maximize HOA property value.
1. Upholding Architectural Standards
One of the alluring features of HOA living is the architectural style of the homes and the overall master planning of the community. The houses may have different floor plans, but the exterior style will be similar.
Maintaining these architectural standards is key to maximizing the value of the homes in the community. Imagine a scenario where homeowners decide to alter the style of their houses by doing exterior remodels of their choice. The place will start looking chaotic, which will negatively affect the values of the homes in the community.
HOA boards are responsible for ensuring homeowners uphold the community's architectural style and standards. This will help preserve and even increase property values.
2. Communal Amenities
Easy access to communal amenities like swimming pools, fitness studios, swimming pools, and clubhouses is one of the reasons millions of people want to live in an HOA.
These amenities improve HOA lifestyles and have a big impact on property values. The range of communal amenities available in an HOA is particularly a major selling point.
A community's management should work toward not only ensuring these amenities are well-maintained at all times but also increasing resident access to the amenities.
For example, if the community has one swimming pool that's now struggling to serve a growing community, building an additional pool would be a welcome idea. It will make the community more attractive, and the homes more valuable.
3. Home Maintenance and Landscaping
Clubhouses, swimming pools, driveways, and other communal facilities in HOA communities can be perfectly maintained, but all that won't count for much if the homes are in terrible shape.
If you're an HOA homeowner, you have a personal obligation to maintain your property routinely and keep your yards well-manicured. Beyond that, you're also bound by your HOA's CC&Rs.
All HOAs typically have guidelines on how property owners should approach maintenance. If you're a homeowner who has a habit of skipping maintenance activities, you'll promptly get a reminder from the association's management. Enforcement measures can be taken against you if you don't take the required actions.
Professional Association Management Will Improve HOA Home Value
The success of an HOA community rests on how well it's managed. HOA boards often do their best to steer these communities to greater heights. Still, they cannot replace the value professional association management brings, especially as far as maximizing HOA home value is concerned.
PMI Whiskey Trail is a premier association management company in Nashville, Tennessee. Although the company launched in 2021, we're part of a national property management service that has been in business for over 20 years.
Contact us for more information.