How shared responsibility in a well-managed community can help your home’s value
A well-managed homeowner’s association can actually help to maintain and improve the value of your property. By creating a shared sense of responsibility and accountability, building community, and offering additional amenities, HOA’s are helping to stabilize home values in their communities.
Homeowner’s associations tend to get a bum rap on television and in popular culture. With images of nosey neighbors measuring your grass with a ruler or the HOA president checking to make sure that your shutters are within the acceptable color range, it’s understandable that many people overlook the role that HOA’s can play in maintaining or increasing the value of your home. Let’s take a look at the ways that an HOA can benefit you and your home.
Responsibility and Accountability
We’ve all seen it. That eyesore on the corner that everyone complains about. Peeling paint, shutters falling off, and grass unmown for weeks. You take pride in your home and property, working hard to maintain it in peak condition. You worry over the effect that eyesore will have on the value of your home when you’re ready to sell.
Homeowner’s associations help to combat and prevent this kind of neighborhood blight by adopting rules, regulations and processes that help to keep neighborhoods looking their best. By ensuring that no individual homeowner or group is able to negatively impact the community, HOA’s are able to help maintain pristine neighborhoods, in which homes can hold their value longer.
The curb appeal created by these standards helps to draw in buyers. In fact, homes in HOA communities often spend less time on the market because buyers are attracted to all they have to offer.
In neighborhoods with HOA’s, community events take place frequently throughout the year. From pool parties to game nights and neighborhood BBQs to landscaping days and everything in between, the activities offered in HOA communities help to foster a sense of togetherness and community.
This welcoming atmosphere is attractive to buyers looking for socialization and engagement. The HOA meetings allow neighbors to get to know one another and encourage residents to look out for their fellow homeowners. This sense of pride in their community inspires HOA members to keep an eye out for the health and safety of their neighborhood, a great deterrent to potential crimes which would lower property values.
Common Areas and Amenities
Just as the HOA holds neighbors accountable to one another and their properties, the HOA is responsible for keeping the common areas within the community in good condition. Whether it’s a small neighborhood playground or roundabout, the HOA will ensure that these common areas look their best year-round.
Many HOAs also offer other valuable amenities. Pools, recreational areas and clubhouses all offer an added incentive to buy in an HOA community. These features make a neighborhood more valuable because homeowners have access to these amenities without having to worry about maintaining them or paying extra for a membership. Homeowner’s association dues fund the upkeep of all common areas.
It’s Your Community Too
When you choose to live in a neighborhood with an HOA, you are making a deliberate choice to be accountable to your community. HOA neighborhoods build a sense of communal responsibility for maintaining the beauty, tranquility, and value of the area. This responsibility is rewarded with stabilized home values and connectedness to your neighbors.
EXIT Realty Bob Lamb & Associates is Murfreesboro’s most innovative real estate team.
EXIT Realty Bob Lamb & Associates
2630 Memorial Blvd, Murfreesboro, TN 37129