There are often common misconceptions among homeowners about what contributes to the rise and fall of property values in a homeowners association.
An important role of a homeowners association is to maintain and enhance property values by enforcing neighborhood covenants and maintenance of common areas. For this to happen the Association must have a strong Board of Directors and each person who sits on the Board must perform their job. This will also help homeowners find value being a part of the Association community.
A house is one of the biggest purchases a person will ever make, and most want to keep their homes looking beautiful not only for themselves, but also to entice future buyers. It’s also a regulation in most homeowners associations. From time to time, it’s a good idea for an HOA board to encourage residents to invest in some home remodeling to add to its appeal. Of course, before making any major changes to the home, residents need to go through the proper channels such as the association architectural committee for approval and the city for the necessary permits to make sure they don’t run into any legal issues.
Whether you have a majority of first-time homeowners or long-time residents in your homeowners association, everyone has a hefty investment in where they live. It’s important that the HOA board has a program in place to preserve the value of residences, as well as the surrounding common areas shared by all.
Most homeowners associations have a set of written design review standards and processes. Some homeowners mistakenly believe these standards restrict their freedom of individual expression; actually they provide a framework within which each homeowner can express individual tastes and preferences. The standards have been carefully developed to reflect a balance between individual rights and property values in the Association.
Like almost every community in the country, your homeowners association is probably feeling the pinch in the housing market. We’d like to dispel a few common misconceptions about what contributes to the rise and fall of property values.