Over 200,000 New Hampshire residents choose to live in HOAs dotted around the Granite State. They choose this lifestyle due to the benefits of appealing onsite amenities, a sense of community, and stable home values.
HOA home value is around 4% higher than the norm in New Hampshire. As an HOA board member, it's up to you to ensure they stay that way.
Read on to discover how finances, maintenance, and management styles impact home values in an HOA.
Financial Considerations for Home Resale Value
Shared amenities are one of the most appealing aspects of living in an HOA. In these communities, residents have access to a range of convenient facilities, like swimming pools, lush common areas, and even golf courses.
Residents share the cost of maintaining these amenities by paying HOA fees.
Every year, the HOA board must meet to establish a budget to cover the operational costs of the HOA. They calculate the residents' HOA fees based on these predicted costs.
Accurate budgeting ensures the HOA always has enough money for the necessary maintenance tasks and upgrades. Financially sound HOAs are appealing to homeowners, which increases demand and drives up home values.
Maintenance Coordination Preserves HOA Home Value
The majority of HOA responsibilities and fees include the ongoing maintenance of the community's shared spaces. This includes things like:
- Lawn care
- Swimming pool maintenance and repairs
- Painting of communal buildings
- Refuse removal
- Road maintenance
HOA community members pay HOA fees so they can utilize and enjoy the HOA facilities, and they expect them to be well-maintained at all times. Well-maintained amenities also undergo fewer breakages, which saves on repair costs.
Homebuyers are more likely to invest in HOAs where they can see their HOA fees are put to good use. Again, this creates demand for homes in these communities and ensures stable property values.
Maximizing Home Values in an HOA
Managing an HOA involves a range of complex and demanding tasks performed by an elected HOA board. Often, these expectations fall outside these volunteers' realms of expertise.
Elected board members also have careers and families to attend to in addition to their HOA responsibilities. This can result in delays in carrying out their duties.
Hiring an HOA management service is the most effective way to make up for these time constraints and lack of skills. Property management services employ a variety of professionals with varied skills that help streamline budgeting, financial management, and maintenance coordination.
A property manager offers hands-on service to help maintain the value and appeal of an HOA community.
Embrace Effective HOA Management
Effective budgeting, financial management, and ongoing maintenance are central to maintaining HOA property values. Hiring a property management service ensures you enjoy professional expertise in all these aspects.
PMI Green Rock has all the knowledge and experience necessary for retaining HOA home value. We are backed by a franchise with over 20 years of experience in property management.
Our team is committed to providing the highest-quality HOA management services. Explore an easier way to keep your HOA residents happy while preserving the value and appeal of your community in Seacoast, New Hampshire.
