It seems like every home these days is part of an HOA. That assumption isn't far off from the truth. Where it concerns brand new single-family homes, approximately 84% sit in the jurisdiction of a local HOA.
The HOA tends to have a controversial reputation. For some, they are bloodsuckers, and for others, a must-have to protect property values. Which opinion is based on fact, and which is based on myths and misconceptions?
HOA property maintenance may look to some like the former. Let's take a closer look at whether HOA fees for maintenance contribute to the property value of your Louisville home.
What Is HOA Property Maintenance?
At first glance, it may seem like HOA property maintenance is about repainting your home. That's not quite right; HOA property maintenance is about managing communal areas. For example, parks, pools and gyms, and other areas shared by a good neighborhood.
This maintenance comes as a part of your regular HOA fees. Your average fees clock in at about $170 a month, and a portion of that goes straight toward maintenance. The places that need maintenance are usually appreciating assets, things that grow in value over time.
What Things Does It Cover?
These maintenance fees go toward a wide variety of necessary caretaking and improvements. For the most part, they pay for landscaping, like trimming the grass and pruning the trees. They keep places watered and planted throughout the year, so they are always beautiful.
Regular Maintenance
These fees cover long-term maintenance. They can support repainting, plumbing, repairs, and renovations for community areas. They also support things like pool cleaning, since this is an expensive asset that requires professional, regular treatment.
HOA maintenance can also contribute to regular services. For example, neighborhood trash removal and street cleanup in a gated community. If landscapers come through to trim the median, you can thank your HOA for that.
Does It Increase Property Value?
Those searching for an investment property in Louisville often question those HOA fees. After all, operating budgets can often be tight. It's difficult to pull a profit if you have this constant $170 drain on your assets.
The short answer is yes. HOA association membership generally improves property value. Especially with HOA maintenance thrown in. This is just one of the many benefits of having an active HOA in your neighborhood.
Perceptions About the HOA
Neighborhoods without an active HOA performing maintenance in communal areas generally have a lesser value. Buyers perceive them as less organized, more dangerous, and less prestigious. This perception helps improve property value even if those assumptions aren't necessarily true.
Find HOA Maintenance With PMI Louisville
HOA property maintenance is a form of communal care for shared areas. This comes out of your HOA fees and supports regular activities like landscaping and the occasional renovation. Generally speaking, it provides a huge boost to your property value compared to areas that don't have it.
PMI Louisville in Louisville has been in the property management game for 20 years. Our friendly experts can help you with anything, and deploy state-of-the-art technology to help. Start things right with our free rental analysis.
