More than one-quarter of the U.S. population lives in a neighborhood or condominium complex governed by a homeowners association (HOA). This popularity reflects the many benefits HOAs afford, including property value retention.
The impact of an HOA on home value depends on where you live. It also is influenced by other factors, such as how well your HOA is run.
This article explores the positive impacts of HOAs on property values. Keep reading to learn what those are and how they might apply to your Fort Worth home.
Maintenance
One of the main responsibilities of an HOA is communal area maintenance. This extends to both buildings and grounds in the neighborhood.
This includes things like lawn, fence, and sidewalk maintenance. It could entail regular services, like landscaping, or needed repairs on fencing or buildings.
All this contributes to greater curb appeal, which influences home prices. It also assures homeowners that their neighborhood will look the same (or better) in a few years as it does today.
Safety and Security
Many HOA neighborhoods have security measures. These include things like gated entrances or surveillance systems.
Even neighborhoods that lack these might have security patrols. Their presence alone can help dissuade suspicious behavior.
It is easy to see how heightened security can go a long way toward improving home values. It gives residents the confidence that their belongings and their loved ones are in a safer environment.
Amenities
Another aspect of HOA management is making community improvements. These include things like installing swimming pools, tennis courts, or gyms. Other examples include community gardens, playgrounds, or walking trails.
Each community decides which amenities they prefer, and it is up to the HOA to budget and plan for the improvement. Most of the features become a selling point for homes in the neighborhood, which can increase their value. They also can be a selling point that distinguishes homes from neighborhoods that lack such attributes.
Neighborhood Standards
HOAs almost always have rules that govern properties in their neighborhood. These usually extend to lawn appearance and architectural standards, including property investment projects. They might also extend to the behavior of residents (such as noise restrictions or the type of vehicles they can park on their property).
What these look like can vary by neighborhood, but in general, they are a plus for retaining HOA home value. That is because they guarantee a high standard of living, which can be extremely appealing to prospective buyers.
Community Engagement
A final way that HOAs can improve home values is through community engagement. HOA boards can help plan festivals and other social events. They can coordinate volunteers for community work days.
Social engagement fosters a sense of pride in one's neighborhood. This, in turn, can positively influence home values in the community.
Learn More About HOA Home Value Influences
Now that you understand what factors impact HOA home value, you can make more informed decisions for your neighborhood. An experienced property management company can further advise you on getting the most out of your association.
PMI Premier is a full-service property management company serving the Dallas-Fort Worth area. We provide a variety of services, including HOA management. Reach out to us today to schedule a free consultation.
