Homeownership rates in Hudson Valley are higher than the national average, stabilizing over the past few years at about 70%. With so many beautiful neighborhoods to choose from, it's no surprise that many homeowners are pushing for HOA living.
There are many advantages to living in an HOA community. One of the biggest is the impact that it can have on your home value.
However, it's a common misconception that the HOA home value always rises no matter what. Read on to discover five factors that can impact HOA home value.
1. HOA Regulations
The right regulations (and consistent enforcement) can have a positive impact on the property values in an HOA community. For example, it can raise your home value if your HOA enforces rules regarding:
- Lawn care
- Upkeep of home exteriors
- Signs, flags, and lawn ornaments
- Types of vehicles homeowners can keep on property
When every homeowner takes good care of their property, the neighborhood becomes more desirable to buyers.
2. HOA Finances
If there's one thing everyone knows about HOAs, it's that they charge HOA fees. HOA fees can cover costs associated with:
- Maintenance and upkeep of community spaces
- Opening and maintaining of amenities like pools and playgrounds
- Community events
However, if your HOA has poor financial health, homeowners can start to become resentful. If HOA fees aren't used to improve the neighborhood, properties can lose value.
3. Community Upkeep
The idea that HOA management can lead to higher property values rests on a very important principle. The HOA must commit to community upkeep to improve the neighborhood.
For example, having an HOA is unlikely to improve property values if common areas like parks are filled with litter, weeds, and rusty equipment. It takes a commitment to beautifying and improving the neighborhood to see an effect on property value.
4. Neighborhood Location
At the end of the day, the success of your HOA still has to contend with one of the most important elements of real estate: location. If you have an HOA in one of Hudson Valley's most desirable neighborhoods, you're almost guaranteed to see property value appreciation.
How can your HOA play to the strengths of your location? Always make sure HOA fees and amenities are reflective of your community's disposable income. If your HOA starts to outprice your homeowners, everyone will lose.
5. HOA Amenities
When you want to maximize HOA fees and property value, it's time to think about amenities. What projects can your HOA afford to take on that will improve the neighborhood?
This can be everything from pools and tennis courts to community gardens and dog parks. If you need help making your HOA do more for your property value, PMI can help.
Call PMI Hudson for a Boost in HOA Home Value
As an HOA homeowner, you want to know that your HOA is a boon, not a burden. When done well, HOA home value should increase along with the desirability of your neighborhood.
PMI is one of the only property management companies in Hudson Valley offering HOA management services as well. Contact us if you're ready to partner with some of the most experienced real estate experts in town.