How to Increase your HOA Communities Property Values
December 15, 2023
It's believed that roughly
74 million
people live under an HOA. Homeowners associations can provide a lot of value and structure to communities.
In this guide, we'll be exploring some of the improvements boards can make to their communities to maximize the value of the homes, condos, and townhomes found within them.Here are some ways that an HOA board and its management can increase property values!
In this guide, we'll be exploring some of the improvements boards can make to their communities to maximize the value of the homes, condos, and townhomes found within them.Here are some ways that an HOA board and its management can increase property values!
Can an HOA Increase Property Values?
It's common for homeowners to doubt that HOAs increase property values. However, for the majority of people within a homeowners association, it rings true. One study found that
71% of residents
believed their HOA raised property values within a community.
When an HOA coordinates with maintenance vendors such as HOA painting companies, HOA repair or HOA reconstruction companies, and landscapers it can really beautify the neighborhood and more importantly, keep the communities integrity intact for the future.
Maintaining the communities make prospective buyers more attracted. HOAs can also provide value in the form of amenities, social clubs, and structured order. All of these things are enticing to potential homeowners but need routine maintenance.
When an HOA coordinates with maintenance vendors such as HOA painting companies, HOA repair or HOA reconstruction companies, and landscapers it can really beautify the neighborhood and more importantly, keep the communities integrity intact for the future.
Maintaining the communities make prospective buyers more attracted. HOAs can also provide value in the form of amenities, social clubs, and structured order. All of these things are enticing to potential homeowners but need routine maintenance.
Here is how your HOA Can Improve Property Values
There are both small and big things you can do to make your HOA homes and community more attractive to potential buyers.
1. Invest in Amenities
Good amenities from an HOA are a surefire way to increase property value. People are drawn to homes that have perks baked into the community.
Some classic amenities for HOAs include things like pools, basketball courts, golf courses, tennis courts, community clubhouses, and playgrounds. However, you shouldn't be afraid to think outside the box when it comes to amenities. Some other things you can invest in include:
- Dog parks
- Fitness centers
- Picnic area
- EV car charging stations
- Fountains or Ponds
- Free-wifi in community areas
- Gates and Security
The onl
y problem with amenities is that they will cost money. As such, you should make sure you set aside money at the end of every month for these larger projects. This can be done through a community wide assessment or by pulling from reserves if they are properly funded.
2. Organize Committees and Community Events
Many people think that the rules in an HOA can lead to petty squabbling and fights. While there are occasional disputes, the reality is that an HOA has the potential to bring a community together and people coming together with different skill sets, strengths and perspectives can often be the best scenario to create a well- rounded community.
Committees are an excellent way to connect with people with similar interests. Some common ones might include committees to support the Board such as painting or landscape committee.
Similarly, events can provide a space for new residents to introduce themselves. We recommend things like pool parties, barbecues, and mixers. The more connected your community is, the more it will appeal to outside buyers.
Committees are an excellent way to connect with people with similar interests. Some common ones might include committees to support the Board such as painting or landscape committee.
Similarly, events can provide a space for new residents to introduce themselves. We recommend things like pool parties, barbecues, and mixers. The more connected your community is, the more it will appeal to outside buyers.
3. Paint the community on time
Trending paint schemes on community buildings can make the place shine like new. Similarly, paint that's faded or peeling can make prospective buyers shy away from a community.
Painting an entire building's exterior can be expensive but if you break it down by substrates into regular maintenance cycles it will break up the cost and prevent unexpected repairs.
Most paint manufacturers such as Sherwin Williams or Dunn edwards recommend that your buildings stucco be painted at least every 10 years, wood every 5 and community metal or iron such as gates and railing is to be painted every 2 years. This helps maintain the condition of these materials and keeps up the appearance. It also helps break up the cost of the maintenance cycles.
Many communities are on a budget, with contractors who have experience with HOA painting services . Can help you make selections that are within your budget by coming up with value engineered options. That way they can work within regulations, navigate your budget, and finish things on time.
Painting an entire building's exterior can be expensive but if you break it down by substrates into regular maintenance cycles it will break up the cost and prevent unexpected repairs.
Most paint manufacturers such as Sherwin Williams or Dunn edwards recommend that your buildings stucco be painted at least every 10 years, wood every 5 and community metal or iron such as gates and railing is to be painted every 2 years. This helps maintain the condition of these materials and keeps up the appearance. It also helps break up the cost of the maintenance cycles.
Many communities are on a budget, with contractors who have experience with HOA painting services . Can help you make selections that are within your budget by coming up with value engineered options. That way they can work within regulations, navigate your budget, and finish things on time.
Regular Landscaping
Don't underestimate the power of freshly mowed grass and vibrant flowers. These small additions can add a lot of curb appeal to communities. As long as it's not against regulations, you might want to consider planting some trees, bushes, and hedges.
We recommend finding a dependable landscaping company that can regularly maintain any plants you might have within the community with a good understanding of water conservation to help the community save water and cash. Management also should enforce rules regarding mowed lawns and weeds. That way, one problem property isn't bringing down the value of the entire community.
We recommend finding a dependable landscaping company that can regularly maintain any plants you might have within the community with a good understanding of water conservation to help the community save water and cash. Management also should enforce rules regarding mowed lawns and weeds. That way, one problem property isn't bringing down the value of the entire community.
Handle Repairs Quickly
Repairs in an HOA community are going to be inevitable. It's important to fix these repairs as soon as you notice them because they are unattractive and often lead to safety issues if they go untreated for too long.
On their own, these broken-down elements may not seem like a huge deal. However, multiple unmaintained areas will quickly cause the look of a community to turn shabby. If you aren't sure what repairs or community maintenance you need, we recommend you ask the manager to get the community properties inspected to find any potential problems.
In some cases, you may find that your HOA board or the homeowner doesn't have enough funds to fix all the repairs. In these cases, we recommend a special assessment that can spread the cost out over some time.
However, remember that it's always better to prevent repairs instead of waiting for things to break down creating a larger lump cost later.
On their own, these broken-down elements may not seem like a huge deal. However, multiple unmaintained areas will quickly cause the look of a community to turn shabby. If you aren't sure what repairs or community maintenance you need, we recommend you ask the manager to get the community properties inspected to find any potential problems.
In some cases, you may find that your HOA board or the homeowner doesn't have enough funds to fix all the repairs. In these cases, we recommend a special assessment that can spread the cost out over some time.
However, remember that it's always better to prevent repairs instead of waiting for things to break down creating a larger lump cost later.
Ready to increase real estate values at your HOA Community? Contact EmpireWorks
We hope this guide helped inspire some ways for an HOA board to increase property values in their community. Whether your HOA is in need of a simple paint job or a massive reconstruction project, EmpireWorks is here to help you.
Our company knows how frustrating it can be for boards to have to deal with inexperienced companies that have no idea how to work with the special needs of multi-family housing. We want to make the reconstruction and/ or painting process as hassle-free as possible for you. That's why we assign a Project Manager to every job . Your Project Manager will act as your single point of contact, oversee the project from start to finish, and make sure that everything is done right, on time and on budget. With our Project Managers on your side, you can rest assured that your community's project will be handled efficiently and professionally.
So if you're ready to make HOA improvements the easy way, get in touch with us today.
Our company knows how frustrating it can be for boards to have to deal with inexperienced companies that have no idea how to work with the special needs of multi-family housing. We want to make the reconstruction and/ or painting process as hassle-free as possible for you. That's why we assign a Project Manager to every job . Your Project Manager will act as your single point of contact, oversee the project from start to finish, and make sure that everything is done right, on time and on budget. With our Project Managers on your side, you can rest assured that your community's project will be handled efficiently and professionally.
So if you're ready to make HOA improvements the easy way, get in touch with us today.
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