HOW DOES AN HOA INCREASE PROPERTY VALUES?
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HOME VALUES
Many factors can determine home values, and they depend on several aspects such as the home’s condition, location, the look of the lawn, and even the appearance of surrounding homes. Homeowner’s associations (HOA) have the purpose of preserving the value of their members’ properties.
MAINTENANCE Maintenance is vital for any HOA, and this matter depends on selecting the best-qualified contractors. On the other hand, HOAs must enforce their rules for owner exterior maintenance. Maintenance impacts directly on home value preservation. For example, homes painted with wild colors could harm the value of surrounding homes. In the same way, HOAs must have rules that ensure yards must remain trimmed and free of garbage and clutter. HOAs also require that homeowners make repairs to any major external damages, and even mend broken fences.
ASSISTANCE
On the other hand, HOAs assist homeowners by providing emergency services in the case of a fire or a home break-in. In this way, owners can find a quick response to address any damage promptly, preventing further deterioration.
Preventing Abuses When you are part of a homeowner association (HOA), you can find easier ways to solve disagreements with other community members. Whenever the rules are implemented and enforced consistently, you will be protected in case the board, some of its members, or other neighbors commit any type of abuse.
Discrimination In the same way, when an HOA has a wellstipulated Declaration of Covenants, Conditions, and Restrictions, any type of discrimination from the HOA board is considered unacceptable (for example, giving other residents special treatment or making decisions based on someone’s race, gender, disability, or religion). Besides, the Fair Housing Act also prohibits discrimination in the sale, rental, and financing of housing based on these mentioned criteria.
HOAs and condominium projects offer common areas that include facilities such as parking spaces, hallways, swimming pools, playgrounds, and other amenities that enhance property values. Besides, when HOAs preserve the appearance of the neighborhood by caring for the surrounding common areas, they are also protecting the value of your property.
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