Perhaps the largest and most important purchase that you will ever make is that of your home. Not only are you choosing the place that you will live for a good portion of your life, you are also making an investment that will affect your future as well as the future of your family. As such, it is important to ensure that your home is a smart investment.
Purchasing a home that is a part of a Homeowners Association can be an excellent use of your hard earned money. But do HOAs increase property values? They absolutely can! Being part of an HOA is a huge asset when thinking about the future. Here are several reasons that HOAs can increase the property value of your home.
Creating a Desirable Community
One of the best features of a homeowners association is that the presence of an HOA creates a community that can be the envy of other neighborhoods. In this type of community, everyone pitches in so that you can enjoy amenities that you would otherwise not have access to such as a community pool or tennis court, and neighbors that become like family. The presence of a safe, fun, and tight-knit community can be a huge draw for potential buyers and can help improve the property value of your home.
Formulating a Beautiful Neighborhood
Even if a home itself is beautiful, if the neighborhood around the home is unkempt, property values can decrease. Homeowners associations exist in part to beautify the entire neighborhood. Although too many rules can sometimes be a bad thing, the bylaws and governing documents of an HOA exist to make the quality of living better for everyone who lives in the community. These rules result in cleaner yards, freshly painted buildings, and a reasonable (but not excessive) amount of uniformity leading to a pleasing environment and higher property values.
Maintaining Homes Inside and Out
With the bulk of outside maintenance being taken care of by the HOA, homeowners have more free time and money to focus on updating and beautifying the inside of their properties. Each improvement that is completed, whether on the outside or inside of the property, increases property values and HOAs take care of many of those tedious tasks for you.
HOAs Protect Property Value
One of the biggest reasons that an HOA exists is to protect the property value of your home by ensuring that your home and the homes around your property remain beautiful and desirable all year round. By purchasing a home that is part of a homeowners association, you guarantee the continuing beauty of your home and neighborhood. When prospective buyers see the charm of your neighborhood, more and more people will live there, driving your property value higher.
Because buying a home is such an important purchase, it is crucial that you choose a home that is worth the investment of time, money, and energy. Buying a home in an HOA is one of the best moves that you can make for you and your family.