About one-fifth of all homes across the nation are part of an HOA. In Arizona, those numbers amount to over 30 percent. These HOAs often come with hefty monthly fees, but are they worth the investment?
As it turns out, your HOA and home value are both linked. If an HOA performs poorly, then that reflects directly on the homeowners they're responsible for. The same goes for any association that oversteps its boundaries and infringes upon the rights of its community members.
Here's how a good homeowner's association can increase home value in your area.
Connection Between HOA and Home Value
You may wonder how an investment like an HOA can help improve your home value. After all, it's an extra cost that a potential buyer would have to consider.
A homeowner's association exists to ensure that homeowners are held responsible for how their properties look. This can not only improve the curb appeal of your property but help keep it in its best condition.
An HOA can also help improve property value through the maintenance of your infrastructure and approving renovations.
Benefits of an HOA
An HOA board is responsible for five different responsibilities. These responsibilities cover things like home and landscaping maintenance, providing community amenities, and enforcing rules in the neighborhood.
Home Maintenance
First of all, an HOA will set up guidelines for how they want houses to look. These guidelines dictate things like approved renovations, routine maintenance, and pest control.
In addition, your HOA will likely have built up a strong relationship with a local tradesperson they can trust to fix up your property.
Landscaping Maintenance
On top of home maintenance, your HOA will also hold you responsible for maintaining your yard. After all, your yard is one of the first things people see when they come up to your property.
Part of your HOA benefits may include a routine visit by a landscaper who can tend to things like your bushes and mow your lawn. Always verify what is expected of you from your board.
Community Amenities
The HOA is tasked with maintaining any common areas and amenities that aren't directly on your property. This includes sidewalks, light fixtures, public pools, and more.
If they aren't maintained, you can speak to your board of directors and potentially sue your HOA for negligence.
Enforcing Rules
Along the same lines, your HOA enforces rules such as noise levels, curfew, and what events can happen in your neighborhood. This can help turn your neighborhood into a more desirable location and thus raise your property value.
Try Out an HOA Today
HOA home value will almost always be better than without, as long as you have a reliable board of directors who know how to do their job. They should be able to keep properties in good condition and keep the peace among all the different homeowners.
PMI PHX SW provides property management services in the Phoenix, AZ area. We help with both association management as well as self-managed services. Contact us to learn more and schedule a consultation.
