When you buy a property, the last thing you want is for the value to drop. You can't control the market, but there are several factors that you do have some control over.
HOA home value is typically higher than the value in communities without homeowners associations or association management companies. You can also take action yourself to help support and increase the value of your home.
In this guide, we'll go over how HOA living can affect property value as well as other steps you can take. Keep reading for more.
1. Regular Property Maintenance
An HOA board takes care of general maintenance within a community. They'll keep community areas (such as pools and gyms) in good condition at all times.
They also ensure landscaping work is done as and when it's needed. This makes a neighborhood more appealing, helping to increase the value of all properties.
HOA boards set certain rules about what can be done to homes in terms of appearances and features. The purpose of this is to maintain a uniform look throughout the whole neighborhood. Residents can't make huge changes such as giving their homes bright and colorful exteriors.
Some people don't agree with this as they want to be able to do whatever they like with their homes. By doing this, however, it makes the neighborhood look much better on the whole. Anyone who's considering moving there won't be put off by any nearby homes that look odd and out of place.
3. Enforcement of Rules and Regulations
Beyond regulations relating to properties, there are other rules that HOA boards set that everyone in the community must abide by. These typically relate to things like excessive noise and unruly behavior.
These rules help keep the neighborhood peaceful so all residents are happy. A lot of people place value on quiet, so buyers will have more interest in areas that have these rules.
4. Energy-Efficient Features
Environmental impact is becoming a bigger buying factor every year, especially with more young buyers entering the market. A home with energy-efficient features is far more appealing and will naturally be worth more.
There are plenty of environmentally friendly upgrades you can make. Some popular choices include improved insulation, energy-efficient windows, and solar energy systems.
5. Renovate the Kitchen
The kitchen is widely considered the most important room in the home. When buyers are looking at a property, the quality of the kitchen can make or break their decision.
A modern kitchen will make the whole property significantly more appealing. It's a big job, but if you renovate the kitchen shortly before you intend to sell, it will be much easier to find a buyer and you'll be able to get a better price.
Improving HOA Home Value
HOA home value can vary significantly based on various factors. Homes in a Colorado HOA community will typically hold their value well, but you can also make your improvements to boost the value of your property.
It can be difficult to know exactly what upgrades to make, or how to get the right price for your home. Colorado Casa PMI is a professional property management company that can give you advice and guidance to help you improve your HOA home value. Get in touch today to find out more about how we can help.