There are well over 300,000 HOA-managed neighborhoods across the US.
These areas are typically more desirable to live in for several reasons. If you're a property investor, one thing that will always be on your mind is the rental valuation of your property. In an HOA neighborhood, you're likely to experience growth in value due to the work that an HOA does.
Let's take a look at some of the ways in which an HOA can increase property value.
Creating a Desirable Community
An HOA will typically work to make sure the community they oversee is welcoming and nurturing. They hold regular meetings to discuss things going on in the neighborhood, and many even organize social events for residents.
This gives people a chance to interact with their neighbors and get to know the people around them. This is great for building relationships within an HOA community that make it a more pleasant place for everyone who lives there.
Maintaining Homes
All homes hold value better when they're well maintained. Residents are responsible for taking care of the interior of their homes, but the HOA will often handle most exterior maintenance.
They keep properties looking good, resulting in improved curb appeal. This is a huge factor for both buyers and renters, so HOA property values will typically be higher.
Forming a Beautiful Neighborhood
The maintenance work that an HOA oversees doesn't stop with the homes. They also take care of things like landscaping, trash collection, and any work that's needed for communal areas. This keeps the entire neighborhood looking good at all times.
Property values aren't only dependent on the property itself, but also the surrounding area. When an HOA keeps a neighborhood in good shape, it will have a positive impact on all of the homes in the area.
Enforcing HOA Rules
Something else that can affect HOA home value is the rules and regulations of that community. The HOA board is responsible for establishing certain rules that everyone in the neighborhood must follow.
These often relate to disturbing behavior such as excessive noise. There are also rules regarding modifications that people can make to their homes to help keep all properties in the area more uniform.
These rulers help to make a neighborhood more desirable. Property values in the area tend to go up as a result.
Adding Amenities
One of the biggest benefits of HOA living is the amenities. HOA communities often have various communal amenities that are open to all residents.
These can include things like gyms, swimming pools, dog parks, art studios, and more. The better the amenities, the higher property values are likely to be.
Rental Valuation for Your HOA Property
HOA homeowners can enjoy a range of benefits, and these help improve rental valuation throughout their communities. Things like Property/communal area maintenance, amenities, and HOA rules can all add value to the homes in the area.
PMI Cornerstone is a professional real estate asset management company that has been serving West Cobb and the surrounding communities for over 10 years. We can help your HOA board stay on top of everything so that your community thrives and property values rise.
Take a look at our association management page to find out more about how we can help.
