About 27% of US residents who own their own home currently reside in an HOA community.
Living in an HOA offers a range of benefits for all residents. These include things like HOA property maintenance, landscaping, vendor coordination, and more. All of these can increase the demand in a certain area, and this typically leads to higher property values.
In this guide, we'll explain how an HOA can increase property values in your community. Keep reading for more.
HOA Property Maintenance
When it comes to individual properties, residents are generally responsible for maintaining their homes. For example, if they need to fix a leaking sink or repair a damaged window, they must do it themselves. This typically also applies to floors, walls, and ceilings, unless there are relevant association documents stating otherwise.
In townhouse communities, this also applies to the land surrounding individual units. Residents are also responsible for other structures that lie within their own property.
Beyond this, however, the HOA will generally be responsible. HOAs typically contain various common areas such as gyms, pools, parks, clubhouses, and more. The HOA must ensure these are kept in a good state.
An association should use an HOA maintenance checklist to help them stay on top of everything. There may be a lot of maintenance work required, so it's often beneficial to hire an association management company. They can provide community upkeep strategies and will organize and oversee maintenance as and when it's needed.
This will ensure all common areas are safe and fit for use at all times. A community with high-quality common areas will naturally be more desirable. This will lead to higher property values in the area.
Some communities have limited common areas which are only accessible to certain residents. In most cases, the HOA will maintain these.
Who's Responsible for Paying
In general, residents are financially responsible for their own units. The HOA will organize payment for maintenance work in common areas. This is covered by HOA fees.
Limited areas are often the shared responsibility of HOAs and the residents that have access to them.
It's important to bear in mind that this isn't always the case. You should refer to your association's governing documents to make sure you understand the order of things in your own community.
Landscaping
HOA landscaping covers public/common areas within the community. The HOA board will oversee things in the same way as with maintenance in common areas.
Similarly, residents are responsible for the landscaping on their own property. It's worth noting that most HOAs have rules in place regarding property alterations, and this covers landscaping too. Make sure you're familiar with the rules within your community before making any significant changes.
How Your HOA Community Can Thrive
HOA property maintenance (along with various other HOA tasks) can often be overwhelming, and your HOA board might struggle to stay on top of things. Working with an association management company can prove highly beneficial for HOA communities.
PMI Clarksville is a leading real estate asset management company serving residents throughout Clarksville, TN. We've been providing professional property management services for over two decades and are ready to help your community thrive. Take a look at our association management page for more information.
