Did you know that most property owners' associations in Texas are nonprofit corporations? That's because they exist to make a neighborhood a better place without receiving income like a business.
Despite being a nonprofit, an HOA can serve to increase real estate value in your neighborhood, thus directly benefiting you. Even if people find HOAs overbearing, no one can deny that areas with them look much better and are significantly safer.
Here's how community living has a direct effect on your HOA home value.
Better Maintained Property
One of the main purposes of an HOA is to help maintain your property.
The first way they accomplish this is by maintaining public areas including sidewalks, certain yard areas, and amenities like a swimming pool. Homeowners in the neighborhood do not have to do anything regarding them other than pay their monthly fees.
Second, homeowners are expected to keep their properties in good condition. This means mowing their lawn regularly, hiding trash, and not having visible clutter.
Higher Curb Appeal
A homeowners association can benefit your real estate value by increasing its curb appeal. One of the main purposes of an HOA is to keep all associated properties well-maintained.
A good-looking property will always sell better than one that hasn't been cleaned or repaired recently. In addition, you can expect property inspections to go more smoothly.
Public Amenities
Some neighborhoods offer public amenities such as parks, swimming pools, fitness centers, and more. They're common areas that have their own sets of rules and restrictions. These are all funded by the HOA fees everyone pays and maintained by the board of directors.
While the public amenities are considered an additional cost, they can also raise the value of your property since new owners will gain access to them.
Neighbor Accountability
Community living means that everyone who pays their HOA fees has a say in what happens in their neighborhood. However, it also means that the HOA can hold them accountable in turn.
If someone fails to maintain their lawn, they may get fined for their negligence. The same goes for other violations such as playing music too loud or forgetting to put up their trash.
Impact on HOA Home Value
Operating an HOA isn't free. The monthly fees for homeowners could range from under $100 to well over $500. It all depends on the neighborhood, the amenities, and the HOA itself.
However, most neighborhoods see some kind of increase in home value because of the organization's work. This ensures homeowners a higher return on investment if an HOA is created in their area.
Try Community Living in Your Neighborhood
Not all homeowners associations are made the same. At best, you're looking at a group that will dedicate their time to their community and increase your HOA home value. At worst, you're paying a little extra each month for a nicer-looking street.
PMI Fort Bend can help your local HOA provide the best services possible. We manage your association to meet the needs of your community. Contact us to learn more and ask any questions.
