Are you one of the homeowners who bought an HOA property because you believed it would gain more value over time? Or perhaps you're in the process of buying a home, and you're strongly considering an HOA property because of this benefit.
Well, HOA homes indeed tend to gain more value compared to similar non-HOA homes in the same general location. So, you might be wondering what exactly it is about these homes that make them gain more value.
The answer can be found in HOA property maintenance and other factors we shall discuss below. Let's get into it:
How HOA Property Maintenance Improves Home Values
Routine preventive maintenance goes a long way in helping a property hold value. If you skimp on maintaining your home, small issues that could quickly be patched up will morph into big damage that can comprise its structural integrity.
In an HOA community, you don't have the freedom to skimp on maintaining your home. Before you buy an HOA property, you'll have to agree to certain conditions, among them being that you'll maintain your home as needed.
In fact, most HOAs have specific maintenance checklists that should be followed. The goal is to ensure that every property is as good as new at all times. The cumulative outcome is increased property value.
Maintenance of Communal Assets
In unplanned communities, it's not uncommon to find bad access roads, poorly kept community parks, and other infrastructure in a wanting state. That's because in many cases, it's the government's job to maintain public infrastructure, and the government doesn't always do what needs to be done.
Consequently, the neighborhood value will decline and there's little the residents can do to help the situation. You can keep your home in great condition, but if the neighborhood is losing its allure because of bad infrastructure, your home value will be a causality.
In a planned community, however, that's not likely to happen. HOAs have boards that are responsible for maintaining communal assets such as swimming pools, clubhouses, and parks.
The net result is that the HOA community will always look attractive. Couple this with the fact that individual homes will also be in excellent condition and you have a perfect combination for increasing property values.
Architectural Control
Making small upgrades to a home is part of property maintenance. These upgrades can boost property values, but they can also have a negative effect.
This is why HOAs have architectural control and compliance committees. In an HOA, you cannot make unapproved structural changes to your home without approval. The aim is to maintain the community's architectural style, which helps preserve property value.
Embrace HOA Homeownership
Owning a home in a Tacoma HOA is a smart move, as long as the HOA leadership is committed to the community's mission. Through proper HOA property maintenance of both the homes and the community's assets, it's easier to achieve a higher rate of property value appreciation.
Having an HOA management partner to help with maintenance coordination is also important. At PMI Cascade, we can do just that for you. Our full-service association management company is based in Tacoma and is part of a national group that manages over 650 associations.
Talk to us and let's make managing your association ...manageable!
