What is the primary purpose and goal of an HOA? Ask any HOA board member or management company and you’re sure to get this answer, time and time again: The HOA exists to protect and improve property values. That’s a noble goal, to be sure, but there are many who may wonder exactly how it is achieved. There are many ways in which an HOA can boost property values, but for the sake of time we have listed 5 ways an HOA Improves Property Values below.
1. One way in which the HOA preserves and enhances property values is through ensuring the proper upkeep of the home. The HOA will require that the homeowner mends broken fences, makes repairs to any major external damages, and even keeps up with the lawn care. When it comes time to sell the home, then, the homeowner will find that the resale value is optimal.
2. Additionally, the HOA can assist homeowners by providing emergency services. Whether it’s a fire or a home break-in, the homeowner can benefit from having a quick response—someone who can attend to all damages done in a timely manner, preventing further damage. That’s what the HOA seeks to do.
3. The HOA preserves the appearance of the neighborhood, too. The value of your property is very much affected by how the surrounding lawns and common areas look. The HOA ensures proper upkeep.
4. The HOA preserves uniformity in the neighborhood, too. One house with a bright pink fence or an unkempt lawn can cause all of the properties to lose their value, but an HOA can maintain a sense of cohesion among all neighborhood homes.
5. Finally, an HOA can prevent abuses. Does someone use your front yard as a trashcan, or does a neighbor allow his tree branches to sprawl into your yard? In a well-run HOA community, this would never happen—and as such, your property values would not suffer from these abuses!
There are many ways in which residents of the Charlotte area benefit from HOA governance; contact us to learn more about them!