Nearly half of the homes in Florida are part of an HOA. It's one of the highest rates across the whole country. There are a lot of benefits to this kind of community and Florida knows it!
One of the biggest benefits is how an HOA Community can improve the value of your home. But that doesn't happen automatically. Your HOA must be functioning well and making the neighborhood a better place.
Check out these factors that can impact HOA home value and what you should be looking for!
1. Regulation Enforcement
The main responsibility of a board is to enforce the HOA regulations. These are what keep the neighborhood up to high standards, making it a desirable place to live.
When an HOA isn't enforcing the standards, the neighborhood can start to fall apart. But an HOA that keeps up with their standards will become a desirable place to live on the other hand.
2. Financial Responsibility
HOA homeowners are responsible for paying fees to the board every year. What the board does with those collections will have a big impact on home values.
It's important that HOA fees are being used responsibly to better the community. That means investing in new amenities, upgrading common areas, and paying for insurance.
3. Common Area Maintenance
Common areas in the neighborhood can have a big impact on your home value. It's important that the HOA board is doing a good job of maintaining these spaces. That means managing routine cleanings, as well as emergency repairs.
A common area that isn't well taken care of is often a sore spot for homeowners. And a clear indicator that the HOA isn't functioning well, which will decrease home value.
4. Community Unity
An HOA Community that's doing well feels a lot different than one that's not. A put-together community that's united is going to boost home value because of what they get done. If you're looking at a potential neighborhood, it can be helpful to go to an HOA meeting to see how things are going.
5. Available Amenities
Not all HOA communities offer the same kind of amenities. Some have a community pool, while others have a playground. The available amenities will change the home value in the neighborhood.
Obviously, the more (and better) the amenities, the better impact it will have on home values. Even a plan for future expansion can be a huge benefit!
Factors that Impact an HOA Home Value
Knowing what factors affect your HOA home value can help you make smart decisions. If you're looking for a new home, it will help you pick a good HOA. And if you're already part of an HOA, this can help you know what to improve. Hiring an HOA management team is a great way to make sure you're getting the most out of your association.
Our team at Arrico Realty and Property Management understands how to run a successful HOA. We care about providing quality service to all our Tampa homeowners. Contact us today to learn what we can do!
