Can HOAs Increase Property Values?
Of course they can! Everyone wants to see their property value increase, and there are many ways to boost a home’s value. One big way to help improve the value of a single home is to create a better neighborhood. This is why a good HOA can increase your home’s and the entire neighborhood’s property values.
Making the Neighborhood Look Great
Communities aren’t just comprised of private houses or condos. Many have shared areas, such as parks, pools and club houses. When an HOA gets involved, there are many rules and regulations regarding these areas. The goal is to keep them working and looking great. As a result, they create a more pleasant neighborhood. Streets are kept clean, crime is kept out, and everything works. This attracts potential homebuyers and makes more people want to live in the area. In turn, that increases the value of the area’s homes.
Creating a Fun Place to Live
A community shouldn’t just be a group of strangers living in the same area. It should be something more. Neighborhoods that have HOAs are likely to host fun events, such as barbeques, block parties, yard sales, and other amazing events. Not only does this make the neighborhood more exciting, but it improves it in many ways. It allows neighbors to get to know each other better, creating a more pleasant community, with a small town feel. Residents who have this shared connection are more likely to follow the rules, and watch out for each other because they want to help make the neighborhood its best.
Ensuring Homes Look Their Best
Another common feature of communities with HOAs is that they have rules and regulations regarding private homes. They may require you to keep your lawn looking green and trimmed, or your exterior paint fresh. As a result, homes in areas with associations tend to look more aesthetically pleasing, and everyone wants to live in a beautiful home. HOA home improvements boost value to any home, and generally help with resale.
As you can see, an HOA can boost the property values in the neighborhood because that’s an added bonus of what they’re designed to do. Their sole purpose is to create desirable communities—and as more and more people want to live there, the value of the properties increases.
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