Roughly 20% of people in Texas live in a community that's governed by a homeowner's association, according to This Old House. Living in an HOA comes with plenty of well-known benefits, but have you ever thought about what would happen if the community stopped getting new homeowners?
First, if homes in the community sell out, obviously there won't be any more new homeowners unless new properties are added. But if your community has plenty of unsold homes and isn't getting new buyers, there's a problem.
In this article, we'll discuss new homeowners' crucial role in your Katy community. Read on!
Financial Stability
In an HOA, homeowners are only directly responsible for their properties. Yet, there are communal assets like clubhouses, swimming pools, walk and driveways, and parks that need to be maintained and repaired. To fund these operations, HOAs rely on fees and other dues collected from each homeowner.
So, the amount of money an HOA collects depends on the number of homeowners. An influx of new homeowners would increase the community's fee collections, thus increasing its financial capacity to address the emerging needs of the community.
Without increasing the number of homeowners and facing a pressing need to raise more money, the community might have no choice but to increase HOA fees, a move that would be unwelcome to the existing residents.
Increased Engagement
HOAs are more than planned estates selling real estate property. They bring together people from diverse backgrounds, leading to the creation of vibrant communities.
However, building an engaged community is easier said than done, especially when the numbers aren't on your side. Picture living in a community of 20 homeowners vs 100 homeowners. Naturally, in a smaller community everyone will tend to mind their own business, and interaction with neighbors will be minimal.
On the other hand, in a huge community, there are always people moving around, making interactions easier. It's also easier to plan community events in such communities.
Fresh Perspectives
Running an HOA community isn't a walk in the park. From budgeting to maintenance, the board needs competent people to make the right decisions.
An HOA gets its board members from the homeowners, many of whom are volunteers. It's these people who are tasked with the responsibility of driving the community to success.
Having new homeowners means there's always a broader pool of people to join the board. These new entrants bring fresh perspectives, giving the board an enhanced ability to solve problems and lead the community more effectively.
Your Katy HOA Needs New Homeowners
Unless your Katy HOA is sold out, it's clear it stands to benefit by taking aggressive steps to bring in new homeowners. Increased community engagement, financial stability, and diversity of ideas and opinions are some of the biggest benefits.
If you're wondering how to make your community more appealing to buyers, try enlisting the services of a professional association management company like PMI Prestige.
Our experienced team of HOA management professionals provides exceptional services with a forward-thinking approach to addressing the unique challenges of each community. We take pride in tailoring our management strategies to meet the specific needs of every community we serve.
Schedule a free consultation today!
