If you own one of the 2.3 million HOA-bound properties in Georgia, you likely enjoy a high HOA home value.
One of the perks of living in an HOA is better home values. Some homes are as much as 4% more valuable than other similar non-HOA properties. Of course, this depends on a variety of factors with the most important being the quality of your homeowners association.
To determine your property value, you need to perform an HOA home value assessment. In today's post, we'll explain what goes into that, so keep reading and get an accurate depiction of how much your home is worth.
Look at Housing Market Trends
Start every home valuation by looking at the housing market in your city. That still plays the biggest role in any asset appreciation or depreciation over time.
Suwanee is one of the hottest housing markets in the greater Atlanta area with an average home price of over $600,000. To get a better picture of how much your home is worth, you need to find similar homes in similar neighborhoods to compare it to.
Look at the age of the house, the size, and the amenities. Square footage and the number of bedrooms are the biggest factors, but smaller things like window age and appliances matter too.
Your HOA's Impact
The neighborhood your home sits in greatly impacts the valuation as well. This is where your HOA can make or break the property value. If you live in a safe neighborhood that's got plenty of community amenities and is well-maintained, you'll have people looking for an investment opportunity.
HOA Financial Management
So, you need responsible HOA leadership to drive property values higher. Your HOA board should prioritize strong financial management so that residents experience the most benefits for the lowest monthly fees.
Maintenance and Amenities
When money is collected on time, books are balanced, and budgets are sensible, the community can afford to pay local vendors for important regular maintenance. This includes everything from weekly garbage collection to seasonal landscaping.
A well-maintained community is comfortable and safe for all residents. When vendors are properly coordinated, the community will have money left over to put new amenities in. Each new amenity will make the neighborhood that much more enticing to investors.
Poor Leadership
When you have poor HOA leadership, property values will dip down. As much as good money management can trickle down to every aspect of your community, poor money management will do just the same.
If your leaders don't spend HOA dues wisely, the community won't be able to afford basic community needs. In the end, dues will rise and property values will fall.
HOA Home Value and Management
If your HOA home value assessment isn't turning out how you'd like, it might be time to look at new HOA management. When you hire a great HOA manager, like PMI Reliance, we can help you do a home assessment.
More importantly, however, we can help turn your association around so that you can experience legitimate asset appreciation in 2024. Contact us today to learn more about our services.
