If you are looking to invest in a property, you will want it to maintain its value over time. Here are some ways HOA community properties retain value.
Maintaining and increasing a neighborhood’s property value is one of the core focuses of a homeowner’s association. This is because maintaining the property value of a home is a shared priority for homeowners and members of the HOA board.
Every HOA community offers a variety of services and obligations to residents. HOAs exist to create an organized structure for the overall care and maintenance of the community. For a mandatory set fee, you will be enrolling in your community’s homeowner’s association.
Keep reading to learn more about HOA services and why you should invest in a property that is a part of an HOA community.
What Is HOA?
A homeowner’s association (HOA) is an organization in a subdivision or community that enforces a series of rules for renters and property owners. This organization is charged with organizing and financing the overall maintenance of the neighborhood. Individuals who buy property in an HOA’s jurisdiction are required to automatically enroll in HOA dues.
These fees typically fund a series of services to maintain the overall upkeep of the community. These associations are also equipped with the unique ability to enforce a set of community bylaws and fine residents for not abiding by those rules.
Property Value Securities of HOA Communities
Property value refers to the worth of a particular piece of real estate. Being able to control your home’s property value allows you will not out on earning potential during the resale process.
You can determine the value of a home by using online valuation tools and professional appraisers. Knowing your home’s property value can help you evaluate what you can afford and predict how much equity you will have in your home.
By investing in property that is managed by an HOA community you can ensure that your home is able to retain its value. Here are several reasons to invest in a property that is a part of an HOA community.
1. Enforces Upkeep of Homes
The HOA is able to implement a set of rules and regulations. These guidelines enforce a certain level of upkeep of an individual’s home. Owners face fines or warnings if they don’t abide by community rules.
Some common homeowner association regulations and guidelines require regular home maintenance, parking rules, rules for trash and recycling, or architectural changes to your home. If these rules are broken the penalty can depend on the homeowners association contract that you signed at the time of moving in. Your homeowner’s association could give you a warning, fine, or even put a lien on your home.
As a homeowner in an HOA community, you have a responsibility to the community as a whole. Your community wants to ensure that you and your neighbors keep your individual property in premium condition. This is beneficial when you are reselling your home because you’re resale value factors in the property value of nearby homes.
2. Maintains the Neighborhood
The homeowners association is responsible for maintaining all of the common areas around your community. The association wore a pair of damages and upgrade any systems to improve the safety and aesthetic of the neighborhood.
Any damage that occurs to communal areas such as the gym, or walking trail will be covered at no additional cost to homeowners. The HOA has a bank account that will be used to finance these repairs.
Homeowners associations are responsible for maintaining walkways, sidewalks, and landscaping around the communal areas of a neighborhood.
3. Access to Amenities
When it comes to purchasing a home it’s important to look at the type of community you’re going to live in. Your neighborhood has a massive impact on your home’s property value and overall satisfaction.
In communities that are supported by a homeowners association, it is more likely that you’ll have access to HOA amenities. These communal areas can not only bring you joy as you live in your home but also can help you sell your home for a greater profit.
Some of the most common HOA amenities that will increase your home’s property value are walking trails, dog parks, fitness centers, and community activities. These areas and services are integrated into your cost at HOA dues. Your dues go to creating and maintaining the spaces for everyone’s use.
Walking trails that are community-specific can be a major bonus for adults. Not only do they allow your community to be to become more walkable but also encourage a healthy lifestyle.
Having a dog park in your community can help make sure your neighborhood seems like a much more friendly environment. Dog parked allows individuals to have their pets socialize with other animals and work on behavioral skills. These amenities help to build a greater sense of community amongst neighbors.
Health and Wellness Centers
Health and wellness centers are a great way to keep your community active. Golf courses, fitness centers, tennis courts, and pools are great ways to stay active and enjoy recreational activities.
Another added benefit of having a homeowners association is that there is a community of fellow community members who come together to program a fence for your community. By organizing gatherings they’re able to bring together neighbors and increase a greater sense of camaraderie.
Invest in an HOA Community
Living in an HOA community requires a mutual partnership. A homeowners association is going to be able to help refine your single-family home and help you maintain your property value. As a potential investor in a property that has a homeowners association, it’s important to know that you can hold your board members accountable to fulfill their responsibilities.
Connect with us to learn more about HOA management and real estate services.