One of the most prominent reasons for having a homeowners association is to protect property value for homeowners. The HOA has a series of rules, regulations, and processes in place to ensure neighborhoods are looking their best and are welcoming places for residents and potential buyers.
While having a poorly run and managed HOA could certainly detract from property value, an effective HOA can do the opposite. Houses in well-managed communities often have a faster turnaround because buyers are attracted to all they have to offer. Here are just a few ways that the homeowners association can protect or enhance property value:
- Enforces upkeep: There are rules in place to ensure that each member is held accountable for the external appearance of their home, as well as the yard and landscaping around it. You don’t have to worry about your neighbor painting their shutters purple or leaving a rusted-out, run-down car in the front yard for weeks on end. Any major changes such as adding a deck, changing 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 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.
- Maintains the neighborhood: The HOA will contract with landscapers, roofers, contractors, and other professionals to keep the common areas of the community in good condition. Just as homeowners are responsible for their property, the HOA takes responsibility for upkeep of common areas and amenities. This can tie together the whole neighborhood and make it more attractive overall.
- Inclusion of amenities: One of the perks of living in an HOA community is that there are often various amenities available to homeowners such as a pool, recreational areas, a club house, and other features. This can make your community more appealing 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 dues.
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 property manager such as Kuester can help HOAs stay on top of enforcing rules, contracting with quality service providers, and ensuring the community is at its best. Contact Kuester today to learn more about our wide range of HOA services and how they can support your community.