The goal of an HOA is to increase home value. As of 2021, every home part of an HOA in the United States had a combined value of $11 trillion.
Some homeowners may be skeptical about joining an HOA because of all the rules that would likely be attached. However, it does come with the pro of a better chance of increasing the value of a house.
What HOA benefits can increase property value? Read below to find out.
One of the biggest HOA benefits is that there is usually a greater emphasis on curb appeal. That is because curb appeal is crucial when it comes to attracting buyers.
About 99% of realtors believe that a home having good curb appeal is crucial to attracting said buyers.
What goes into this? Some things that can help improve curb appeal are having plants around the front of your house, a properly mowed lawn, the right paint color for your house, modern windows, a good roof, and more.
The point is that an HOA can either put rules in place to force homeowners to stay on top of this or find vendors that can do this for the homeowners in their community.
Another benefit of an HOA is that along with curb appeal, there is also a greater emphasis on common areas in a community when an HOA is in charge of it.
This means that an HOA board is responsible for things such as a pool or a park in a neighborhood. As a result, they will make sure that these things get the attention that they need and the funding that they need.
An example could be if these things need a sudden repair. An HOA will make sure that there are enough reserve funds to stay on top of problems like this.
Essentially, you will be able to keep using the common areas in your community as they should be. Having these common areas can be seen as a real perk to outsiders that may make your home's value go up.
Finally, having an HOA means that you do not have to rely on individual homeowners or the local government for funding.
Let's say that you lived in a poor community where the government has a lack of funding. In that situation, you would likely never see a playground get a modern renovation.
What about poor homeowners that can't afford to keep up with curb appeal maintenance such as mowing a lawn? They can end up having an ugly-looking lawn and ruining the home value for every house around them.
An HOA can address these things before they become bigger problems.
Learn More About HOA Benefits
These are just three HOA benefits that you get when you live in an HOA community. You have people making sure that there are enough funds to address problems in your community, curb appeal is always a top priority, and common areas are looked after.
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