Approximately 30 percent of the U.S. population, or 75 million people, live in a neighborhood with a homeowners association (HOA). This is due to the many HOA community advantages, including increased HOA home value.
Many factors can influence the extent of this impact though. Below are the key variables to consider when understanding how HOAs can help retain and increase home values. Keep reading to find out which ones might apply to your Ewing, NJ, community and how HOA homes can be a good real estate investment.
Uniform Property Maintenance Standards
One of the main ways that HOAs can help increase property values is through rules governing property maintenance. These differ among communities, but they apply to everything from lawn upkeep to home aesthetics.
Standards can ensure uniformity, such as the same type of mailbox or address lettering. They can keep residents from painting their homes outlandish colors or allowing them to fall into disrepair. All of this can help retain HOA home value levels in the neighborhood.
Rules and Regulations
HOAs are also responsible for compliance with local and state laws that apply to associations. They can make and enforce their own rules related to building projects, to ensure they are within community standards.
Other rules might pertain to the types of vehicles people can park in their driveways, noise levels, or the types of pets someone can have on the property. All of this can help create a more serene environment, which helps increase home values.
Communal Grounds and Building Maintenance
HOAs are usually responsible for maintaining common grounds and buildings. This usually includes lawn care, as well as fencing and entryways for gated communities.
It extends to the maintenance and repair of infrastructure and major systems in buildings. Common examples include HVAC, electrical, and plumbing.
In many cases, HOAs govern streets and sidewalks in the neighborhood. Maintaining them can help increase home values for everyone.
Amenities
HOAs are also responsible for maintaining amenities available to the community. These include things like gyms, tennis courts, swimming pools, walking trails, and community gardens.
Another aspect of this is that HOAs, representing the neighborhood, can make decisions about community improvement projects. This may be how to deal with an unsightly or underused space. It could also include installing one of the amenities mentioned above.
Security and Safety
A final advantage of HOAs is that they can provide a heightened level of security and safety in neighborhoods. This can be through gated grounds and secure entryways.
It can also be through community watch organizations, or the natural sense of ownership and pride that comes with living in an HOA neighborhood. All this can go a long way toward making HOA communities more desirable to live in, which helps improve home value.
Learn More About Improving HOA Home Value
Now that you understand the factors that impact HOA home value appreciation, you can make more informed decisions about yours. An experienced property management company can further advise you on how to get the most out of your association.
PMI Essential is a full-service property management company assisting Ewing and the surrounding Trenton region. We offer a range of residential services, including HOA management and board member resources. Reach out to us today to learn more about HOA benefits for homeowners.
