How to attract owners that will enjoy being a part of your HOA
Not all HOAs are equal, but it’s really the people that distinguish a good neighborhood from a great one. Debates about the value of HOAs can be polarizing; some people can’t fathom living in a community with rules and fees. However, others understand how beneficial it is to live in a place that is clean, organized and well cared for. These are the types of homeowners that associations want to attract.
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Believe it or not, HOAs are actually growing in popularity. They are especially popular among newly-built homes, meaning prospective buyers have more options to choose from. That also means that HOAs may have to work a bit harder to ensure they are in a position to attract the best candidates.
Tops reasons why buyers want to move into HOAs
Those that are interested in investing in a governed community are generally motivated by some or all of the following points:
The HOA protects property values
Property values are undoubtedly affected by the quality of a neighborhood. So, even if one owner takes good care of their home, the value of their property could be dragged down if their neighbors neglect their homes. Homeowners associations set and enforce rules to prevent property values from declining. These rules help keep homes well maintained and attractive, which in turn keeps property values higher.
HOAs come with desirable amenities
Some HOAs have semi-private amenities including pools, tennis courts and golf courses. These features can add additional value to your home since they are desirable assets. Plus, they give current owners a convenient place to relax, stay fit and connect with other owners.
Fees may include common utilities and maintenance work
In some cases, HOA fees include things like internet service, electricity, snow removal and lawn care. When that is the case, owners only pay one fee in exchange for many different services rather than having to contract with multiple companies and pay for them separately. Owners may actually end up saving money because companies often provide a lower rate to an entire neighborhood.
The HOA may resolve neighborhood disputes
When people live in close proximity to one another, disputes are almost inevitable. Neighbors usually get upset with each other because of excessive noise, because one party has infringed on property that isn’t theirs, or because one party failed to keep the exterior of their home neat and tidy.
Depending on the problem, the board or property manager may address the issue so that you don’t have to confront your neighbor.