A home is a big investment on its own, but one part of its value is decided by the neighborhood it's in. If your neighbors don't take care of their yards, that negatively affects everyone else around them. HOA services are one way to keep everyone responsible and your neighborhood looking great.
With that said, not everyone likes the idea of a homeowners association. They may come across as overbearing or political in nature. However, you can't ignore that they improve the neighborhood when operated correctly.
Here's what you need to know about the connection between an HOA and home value in the area.
Responsibilities of a Homeowner's Association
A homeowner's association has two main responsibilities.
First, they manage various aspects of your property and any public areas. This includes things like public pools, sidewalks, and parks. What the property owner is responsible for fixing is laid out in their contract with the HOA.
Second, the HOA is responsible for settling disputes within the neighborhood. For example, one property owner may dislike what their neighbor has displayed in their home or yard. They could make a complaint to the HOA that this display violates the contract and should be taken down.
The Link Between HOA and Home Value
One way HOA services help improve your property value is by making everything around your property look much better. A big factor when buying a home is what the neighborhood looks like. If it's too worn down and there are potholes in the road, then that's a problem.
An HOA acts much like an investment or insurance for homeowners. You give them their fees and they work to keep your streets clean and safe. Without an HOA, there isn't anyone to hold your neighbors accountable, which is bad for curb appeal.
In addition, the existence of an HOA can help when you create a real estate listing. It tells potential buyers that people care about their community.
When You Should Pursue an HOA Management Company
It costs money to hire an HOA management company to help run your association. However, it can help a lot when you're dealing with a lot of residents or maintaining a wide range of amenities.
Some common HOA struggles include disagreements over regulations, managing dues, and enforcing rules. They may also find it difficult to manage the board or maintain common areas.
HOA management companies come with a whole network of service providers and years of experience managing associations.
Improve Your Home's Curb Appeal
Whether you like homeowners associations or not, you can't deny that they help to improve your neighborhood when they're run well. They take care of public areas like the street and sidewalk so you don't have to. The HOA and home value of your property are directly connected.
PMI Best Assets is here to provide property management services throughout Davie, FL. We also offer a free, no-obligation rental analysis online and residential services. Contact us to learn more about how we can help you manage your properties.