Did you know that there are over 370,000 HOAs in the United States?
One of the main reasons that there are so many HOAs is that they are proactive about increasing home value. If you are reading this article, you likely want to find ways to increase your home value.
How do an HOA and home value go together? This guide breaks down some of the biggest connections.
Community Rules
One of the main things done to increase home value by an HOA is coming up with HOA rules that benefit the entire community. These rules are typically made to keep peace in the community and have home value in mind.
Curb appeal is a big thing that gets addressed with these rules. Examples of this can be rules addressing landscaping maintenance, the color of your house, along with garbage protocols.
About 92% of realtors tell sellers to improve the curb appeal of their home before they put their house on the market. That can mean making sure that there is no garbage on your front lawn and that your front lawn is mowed regularly.
On top of this, HOAs are likely to restrict what colors you can paint your house. The reason for this is that if it is an unusual or controversial color, it can create an eyesore for several adjacent houses.
Let's say that one homeowner wants to paint their house pink. Then, somebody across the street decides that they want to sell their home shortly after this.
In that situation, the homeowner trying to sell may have a hard time attracting buyers because they do not want to look at a pink house across the street. HOAs can come up with house colors that the entire community agrees upon to minimize this risk.
Proactive With Amenities
Another big benefit that an HOA can provide is improving and maintaining amenities for the entire community.
An HOA is typically responsible for every community area within its jurisdiction. This can include things such as pools, parks, and barbecue grills.
People representing the HOA can make sure that there is a lifeguard for a pool at all times as well as a repairman who can fix playground equipment. Plus, they can hire someone to clean the pool or a general park area.
The goal here is to offer amenities for the community that make people's lives more enjoyable. However, it takes work to maintain those areas and keep them performing at their best. An HOA makes sure that there is no slack in this department.
Learn More About HOA and Home Value
Hopefully, this article shows you that an HOA and home value are more connected than you may expect. An HOA can help you maintain community areas as well as enforce community rules to improve home value.
For help with this, you can use PMI Prestige. We are a management company that does everything we can to meet customer needs. PMI Prestige can help you with all of your management needs.
Message us here to learn more about this in Katy, TX.
