As a property owner or investor, boosting property values should always be at the core of your real estate strategies.
Owning a homeowners association (HOA) property can keep your property values high. In fact, studies show that HOA properties price 4% higher than similar non-HOA properties.
Whether you have a condominium, vacation home, or other association-managed real estate, the tips below will help you keep your HOA property value high.
1. Beautify the Exterior
Curb appeal remains one of the most important factors in home values. It often determines how long a property stays on the market and can even determine whether or not it sells.
Make consistent upgrades to your HOA property exterior that keep it looking unique and stylish. As part of an HOA, you and your neighbor's property values are intertwined.
HOA properties don't have to be uniform, but members of the community should all be making upgrades a little at a time. This way, everyone's property values will increase, and the community will keep some uniformity.
Check the HOA charter to understand what types of changes you're able to make. You might be able to beautify your property by choosing exquisite exterior paint colors, upgrading to more decorative and sustainable siding options, and installing brand-new windows, among other upgrades.
2. Make Flooring Changes
Flooring is one of the biggest equity-builders that you have in your HOA property. Switching to a nice marble or hardwood flooring option can transform your home and add a tremendous return on investment (ROI).
Your kitchen and living areas are the best places to swap out flooring. Consider the theme and decorative style that you're going for, and how your new flooring will fit the rest of the property.
3. Keep Upgrading the Luxury
Amenities sell HOA-managed properties more than anything else.
Owners want to get bang for their buck since they are responsible for paying monthly HOA fees. People will pay these fees gladly when they have regular access to luxury amenities.
The HOA community likely has some common amenities, but take the time to add some luxury to your individual property. This can include upgrades like jetted tubs, a waterfall shower, a sauna, and wired surround sound.
4. Repair and Maintain the Infrastructure
More than anything else, keep your infrastructure in tip-top shape. This means getting repair professionals out regularly. Your dues should cover things like thoroughly inspecting the plumbing, electricity, Heating, Ventilation & Air Conditioning (HVAC) systems, drainage, and more.
Having a beautiful property with declining infrastructure just puts a mask on a bigger issue. You'll keep your property values high when you have the best functional, modern utilities.
5. Improve the Grounds
Don't forget to hire some landscapers that can assist you with all of your grounds needs. Simple things like cutting the grass, planting new grass seeds, and taking care of plants and gardens will go a long way.
You'll reap what you sow in the form of flourishing greenery that uplift moods -- and property values right along with those moods.
HOA Property Value Improvements Made Simple
These five HOA property value improvements are simple ways to keep equity in your portfolio. Everyone benefits, and these are well within the scope of work that professional property management companies handle.
PMI PHX SW serves clients in the Phoenix area and would be happy to help your HOA thrive. Send us a message today or call 623.283.1800 to get more information.