Earlier this year, This Old House shared that California has the highest number of HOAs and the most residents living in an HOA community. We may be national leaders in numbers, but are our HOA residents happy?
As association managers, we often encounter communities that aren't meeting homeowner expectations. Most of the time, frustrations come back to discrepancies between what homeowners are paying and how those dues are being used.
To win back the trust of your HOA members, it's time to focus on HOA home value. How can you use your HOA to create home value improvement for everyone in the neighborhood? Read on to find out.
Boost Neighborhood Curb Appeal
Curb appeal refers to the impression a property makes from the outside. It can encompass individual components like:
- Landscaping and gardens
- Home exteriors (e.g., windows and siding)
- Paved areas (e.g., sidewalks and driveways)
- Overall cleanliness
According to Bankrate, curb appeal can boost a single homeowner's property value by up to 7%. Can it help an entire neighborhood?
We believe that whole-neighborhood curb appeal is even more effective in boosting HOA home value. When the entire neighborhood looks clean and attractive, buyers will see each home as inherently more valuable.
Update Common Amenities
We've talked before about how you can use HOA assessments to benefit your homeowners. One of the biggest is by funding common amenities like:
- Gyms
- Pools
- Playgrounds and dog parks
- Clubhouses
What if some of these common amenities are shabby or out of date? Allocating part of your budget to make targeted upgrades is a great way to boost real estate value for everyone in the neighborhood.
Start by making functional repairs and fixing damage that impacts usability. With any additional funds, begin making aesthetic upgrades. The goal is to modernize your community assets while creating a cohesive look that makes your neighborhood distinguishable and attractive to buyers.
Foster a Sense of Community
One of the biggest HOA benefits is that a functional HOA can turn a disjointed neighborhood into a true community. Professional association management can help.
Better communication and successful HOA meetings are just the beginning. If you want to improve your neighborhood's community feel while attracting new buyers, funnel some of your funding into community events.
For example, if your neighborhood attracts families, host family-friendly events like holiday parades or decorating competitions. If your neighborhood is home to more adults than kids, host happy hours and sports watch parties. Regular community events can become a great selling point when members put their homes on the market.
PMI Oakland Can Boost Your HOA Home Value
California takes the lead when it comes to homeowner's associations. However, that doesn't mean that every California HOA is thriving. Use this guide to support HOA home value and give your residents a better return on investment.
Do you need help fostering a sense of community in your Oakland neighborhood? PMI Oakland is the only family-owned property management firm in the Bay Area that specializes in HOAs. Contact us and unlock your HOA success story.
