Dear Property Manager:
I have always steered clear of neighborhoods that had homeowner's associations. I wanted to maintain my yard when and how I wanted and if I liked purple shutters, I felt it was my right to have purple shutters! But today my lovely wife said something that finally made me stop and think... she said "Did you know that HOAs increase a home's value?"
Now this is talking my language... and I finally am open to the idea of an HOA neighborhood. Could you tell me if my wife is correct in her statement? I guess in a lot of ways it makes sense and I feel a little silly for dragging my feet all these years! (But don't tell her I am willing to admit that!)
According to the Community Associations Institute (CAI.org), 57 million Americans live in HOA communities. And, 78% of them believe that their HOA "protect and enhance" their property value. (Only 1 in 100 believed their association hurt property value, so the other 21 are either apathetic or undecided!)
Here are three key ways Homeowners Associations (HOAs) do increase property value:
1. Neighborhood Appearance: It is important to many that all homes and homeowners in a neighborhood follow a certain set of rules regarding how the houses look. Grass cut regularly, fences only in the back yards...no strange paint colors, etc.. Have you ever seen a neighborhood where cars are parked on the lawn all the time, and the garage is falling over--an HOA protects against this.
2. Neighborhood Uniformity: Most homes in a subdivision with an HOA look similar.This creates a uniform look for the development. Uniformity--and personalized variations on continuity make the homes more attractive to potential buyers.
3. Protect Resale Value: Because homeowner's associations force homeowners to maintain their property - such as repair broken fences, keep up lawns, etc., when it's time to sell, the house will likely be in better shape and need less repairs.
The reason HOAs exist is to protect the property value for all residents--that is their purpose--not to be a nuisance or "big brother". There may be some inconveniences along the way, but ultimately they are a benefit to all residents living in a neighborhood.