Homeowner's associations (HOAs) are on the rise in the United States. The HOA industry is now valued at nearly $39 billion. Also, it is growing at a nearly 1.5% annual rate.
The growing popularity of HOAs comes as no surprise to real estate investors. HOA membership serves as a boost to property values and offers a higher quality of living.
Read on to learn how an HOA home value can increase through the efforts of a local board. Explore topics such as property value drivers and what projects have the most bang for the buck.
Regular Maintenance
Exterior home maintenance is one of the top draws of an HOA membership. Homeowners get tired of cutting the grass, weed whacking, and raking leaves.
The good news is that an HOA will take care of that for you. HOAs want the entire community to look its best. Local HOA boards hire landscaping service companies to achieve that goal.
Other household chores fall under HOA regular maintenance. HOA boards often arrange for power washing services so homes are fresh and mildew-free.
Lawn treatment is another common service. HOAs hire companies to fertilize each home's lawn so they are all dark green and beautiful. This improves curb appeal for the entire community.
Amenities
Few things are better than taking advantage of an amenity but not having to care for it. This is the case in an HOA where members enjoy community pools, hot tubs, and more.
Certain amenities, like trash removal, are common and necessary. Each HOA across Louisiana offers different amenities. Popular amenities include tennis courts, fitness centers, and walking trails.
Community halls are also valuable to HOA members. Here, members can reserve the hall to host large parties like birthdays or graduations.
It is up to the HOA board to plan and fund new amenity projects. They can boost community property values by adding new features and attractions.
Community Engagement
There is also value in joining a vibrant and active community. This is why HOAs are so popular with 55+ communities.
These homeowners have seen their children grow up and move out. They are empty-nesters again and looking to socialize.
An HOA affords you that opportunity. Volunteers for the HOA board and other local groups plan activities for the community. It is not uncommon to see HOAs rent a charter bus and transport members to fun events in New Orleans and Baton Rouge.
Local clubs in the community are widespread. Members get together to compete in tennis, play golf, or walk their dogs together.
This type of community engagement improves quality of life and makes for a more enjoyable living experience. Home buyers are willing to pay for this sense of community.
Your Guide to HOA Home Values
These are just some of the ways that HOA membership can increase home values. Many homeowners are looking for more than a nice property. They want to build a life worth living.
HOAs are the place to achieve this as there is a budding sense of collectivism. If you want to learn more about HOA home values and how to increase them, contact PMI Integrity Properties today to speak with a professional.
