Think everyone hates HOAs? Think again! According to a national survey done for Community Associations Institute, more than 80% of respondents said they get a “good” or “great” return from their association, and more than 75% said that the HOA protects and even enhances their property values. So while HOAs get a lot of bad press, in reality, the majority of homeowners are glad they are there. It turns out potential buyers might be glad about the presence of an HOA, too! Many people who have lived in an HOA-managed community want to live in one again when they move, because of all the great things they do for the neighborhood. The HOA can do a lot for a neighborhood to entice potential buyers into moving into the area. Here are just five of them!
What HOAs Are Doing to Entice Buyers
Providing more services than the city.
HOAs are able to provide a lot more services to a neighborhood than they’d get from standard city services. If you drive through an HOA-managed community, you’ll probably notice that the community areas and gardens are all well-maintained. That’s because the HOA hires in or provides services that keep the neighborhood looking it’s best. Many HOAs contract for snow removal, too, meaning the neighborhood could be plowed out much faster than city-maintained neighborhoods that have to wait their turn. For a potential buyer, the beauty of the neighborhood is a bonus, but those extra services could seal the deal on the purchase.
Providing and maintaining amenities.
What amenities are in the neighborhood? A lot of HOAs provide recreational amenities such as swimming pools, tennis courts, and parks. When these amenities are maintained by the HOA, they are usually spotless! That’s because the monthly or annual fees paid by the homeowners go towards maintaining them. For a potential buyer, all of that free recreation can be a huge bonus. It’s a place for their kids to spend the summers and areas for the family to enjoy the outdoors, all without having to leave the neighborhood. If a buyer is choosing between two otherwise-identical houses, but one has all the amenities provided by the HOA, which one do you think they are going to choose? The HOA neighborhood will win every time!
Giving ownership of the community.
People want to feel like they are a part of the community they live in. It’s not just a matter of wanting to like where you live; a sense of belonging can actually reduce crime in the area and make the neighborhood a safer place to live. When people are paying into a monthly or annual fund to maintain their neighborhood, it can really increase their sense of belonging. They take ownership of their community, pitching in to make the neighborhood a better place. This is especially true if there are a lot of community events; this gives neighbors a chance to get to know each other. That builds a relationship in the community and develops an even stronger sense of ownership. That not only has a positive impact on property values, but potential buyers will want to be a part of it, too.
Taking away the stress of potential disputes.
In neighborhoods where there isn’t an HOA, who do you turn to when you have a dispute with a neighbor? Maybe they have a noisy dog that won’t stop barking. Maybe their child’s jungle gym is blocking your view. Or maybe they’ve painted their home such a shocking shade of green that it’s actually affecting your property values. In neighborhoods without an HOA, there is little recourse for disputes between neighbors. In some cases, the police may be called, but it’s unlikely that they are going to do too much. If a potential buyer has been burned by a situation like this in the past, they are going to be even more grateful for the presence of an HOA. That’s because the HOA is going to handle disputes for them. The rules of the neighborhood will be clearly laid out and all residents expected to obey them. If they don’t, it won’t be the neighbors who have to deal with it; it will be the HOA. That can take a lot of stress out of moving into a neighborhood for a potential buyer. They’ll know that things are well-managed and under control.
Making neighborhoods feel safer and more secure.
Neighborhoods with HOAs are often seen as safer and more secure. Some neighborhoods might even hire their own security to patrol the area. If they don’t, it’s likely that there is some kind of neighborhood watch on duty, and neighbors are watching out for their fellow neighbors. Because HOAs often organize community events and offer more recreational opportunities, neighbors know each other better and are able to watch out for each other and their kids. Some HOAs may even pay for gates and other security features out of the residents’ monthly or annual dues. It’s more than a sense of strong community; it’s actually making their neighborhood safer. Potential buyers will see that and want to live in a place where they feel safe.
We Can Help You Spread the News About What Your HOA is Doing
What programs, activities, amenities and services is your HOA providing that help bring in more potential buyers? Chances are there is more happening in your HOA than many of your homeowners know about! That could be because off of your HOA news is being passed along through word of mouth and monthly newsletters. We can help you spread the word about all the great things your HOA is doing! Sign up with Condo News Center and we’ll set your HOA up with its very own website. You’ll be able to post messages, share photos, update calendars, and so much more. It’s a great way to share with residents what’s going on in the neighborhood and make your homeowner’s association better than ever. Get in touch with us today and get started for as little as $59 a month!