More than 74 million Americans live in a neighborhood with a homeowners association (HOA). That is more than one-quarter of the entire U.S. population. There are many advantages of having an HOA. These include setting and enforcing neighborhood standards.
It allows community members to have direct control over what their neighborhood looks like, including amenities. All this contributes to better retention of home values, in general. What that means for any given neighborhood is more complicated.
This article lays out three things to know about HOA home value effects in Lynchburg, Virginia. Keep reading to learn how HOA management can help retain or increase the value of your home.
1. Improved HOA Neighborhood Grounds
No matter what neighborhood you live in, you are responsible for your property and no one else's. That is all well and good, but it also means you have no control over the lot down the block or the park across the street from your home.
An HOA allows community members to make decisions about common areas in the neighborhood. They can choose the type of gating or lighting. They can select amenities, like tennis courts or swimming pools.
It also ensures the upkeep of these assets. HOA boards can direct funds to improve the exterior of communal buildings.
You do have to worry about walking trails or community gardens falling into disrepair when you have a good board. And that translates to increased HOA home value.
2. Consistent Standards for HOA Homes
No one likes getting letters informing them that they need to treat weeds in their yard or change the color of their mailbox. The flip side is that HOAs provide a standard that ensures all homes are up to certain standards. This goes for house and yard upkeep to aesthetics, like paint color or address lettering.
Also, HOAs can regulate the percentage of rental homes in your neighborhood (or disallow it entirely). This too can help retain property values in your community.
3. Good Management Equals Improved Value
In the Lynchburg metropolitan area, home prices are skyrocketing. That is good for sellers and homeowners, but it also means the market is competitive. Anything you can do to increase curb appeal will make your home more desirable at a given price point.
A common misconception is that higher annual dues equals better HOA properties. This is only half true. It is the case that HOAs need money to keep up the property and make improvements, but good board management goes further than throwing money at an issue.
For this reason, many neighborhoods turn to HOA management companies. They can help fill in the gaps where expertise may be missing. They can also help coordinate repairs or solicit bids from contractors.
Learn More About HOA Home Value Impacts in Lynchburg, Virginia
Now that you know a bit about HOA home value rates, you can determine if HOA management is the right move for your neighborhood or condo complex. It can help ensure that you and your neighbors have the kind of community you want.
PMI Lynchburg is a full-service homeowners association property management. We offer a range of property management services, including accounting and reporting, maintenance, and HOA management. Reach out to us today to schedule a free consultation.