An estimated 74.2 million people live in HOA communities in the United States, according to 2021 data. So, why do so many people choose to live in managed communities?
Properties that are part of a Homeowner's Association offer residents many benefits. For instance, it can improve the value of your home.
Keep reading to learn more about HOA home value and how investing in a managed community benefits you.
Regular Community Maintenance and Upkeep
Performing maintenance and inspections keeps your property in top condition and prevents future problems. However, it can be tough to maintain a property on your own. If a home is one of many of your investment properties, you already have a lot on your plate.
Investing in an HOA community means you won't have to worry as much. Your monthly dues often go toward landscaping needs, and tenants can easily put in maintenance requests when you partner with a property management group.
More Curb Appeal
Properties in HOA communities tend to have higher real estate values. The grounds and building exteriors are always in good shape and the amenities like pools and fitness centers are kept clean and often upgraded.
Every investor knows that properties with lots of curb appeal tend to have higher property values. In fact, improving the curb appeal can raise a home's value by 7%.
Plus, if you're allowed to rent out your property, seeing all the amenities that come with a managed community is an excellent way to attract tenants.
Many Amenities and Perks
While not every managed community has amenities, many do. They may have clubhouses, pools, fitness centers, tennis courts, and more.
Paying HOA dues gives homeowners, and often tenants, access to these amenities. Perks like these will increase the value of a property. People are often willing to pay more for access to desirable amenities.
Another nice thing about investing in a Homeowners Association community is that they handle the upkeep of these amenities. If there's a community pool or fitness center, they make sure it's clean and safe.
The Neighborhood Always Looks Good
One problem with homeownership is that you can't control what your neighbors do. They may keep rusty cars in the yard, let weeds overtake the lawn, or ignore a dying tree on their lawn that becomes a neighborhood eyesore.
HOA communities have strict rules about what owners can or can't do with their yards and properties. While some people might find these rules restrictive, they exist to maintain the appearance of your neighborhood. You'll never have to worry about someone storing junkers in their yard.
Beautiful neighborhoods will naturally increase your New Bedford home value.
Benefit From Your HOA Home Value
There are many reasons why investing in HOA properties benefits you, including the ones we've listed above. Your HOA home value tends to be higher because of the professional maintenance, enforced rules, and access to desirable amenities.
Working with a property management company is one way to get even more out of your investment. Our New Bedford property management services here at PMI Spruce Tree make life easier for homeowners and tenants. Get a free rental analysis today to learn more.