Top 10 Ways Community Associations and Board Members Can Increase Homeowner Resale Values
One of the best ways to increase net worth is to invest in real estate. As a result, it is very important that board members of condo association communities keep in mind the best ways to increase the resale value of the homes within the community association. All too often, board members focus on saving money at the expense of keeping the community in good shape. This usually results in deferred maintenance and capital projects that end up costing more money in the end and results in lower resale values for the homeowners who put their units up for sale.
Maximize Resale Value
As a result, it is very important for board members to focus on what maximizes resale value for the community and puts the homeowner assessments to good use. Here are the top 10 ways to do so:
- Enhance Curb Appeal: It is very important for the association to maintain all community landscaping by having the grass regularly mowed and the landscaping beds weeded and filled with colorful seasonal flowers. In addition, if there are homeowners with their own separate landscaping areas, there should be landscaping guidelines to ensure some level of consistency between all the owners.
- Maintain Common Areas: Regularly inspect and maintain common area hallways and stairwells. In addition, for larger scale HOA’s, ensure the community parks, swimming pools, clubhouses, and other shared spaces are kept clean, functional, and aesthetically pleasing.
- Upgrade Amenities: Don’t hesitate to Invest in upgrading meeting spaces, party rooms, recreational facilities like playgrounds, tennis courts, and fitness centers. When funds are available, adding new amenities can also attract potential buyers.
- Improve Security: Enhance security measures by upgrading or installing gated entry systems and surveillance cameras. Upgrade intercom systems with video cameras if possible. Improve overall safety by ensuring courtyards, parking lots, sidewalks and pedestrian crosswalks are well-maintained and properly illuminated.
- Promote Community Engagement: Organize annual community events and social activities to foster a sense of belonging and community spirit. Hold annual meetings in a restaurant or in a location where food and drinks are served to ensure high attendance. Make sure to recognize those that have volunteered the most time and energy.
- Enforce Community Standards: Establish and enforce guidelines for exterior improvements and maintenance to maintain a harmonious appearance throughout the community. Make sure there is an active and engaged architectural committee with committed homeowners.
- Collaborate with Local Businesses: Partner with local businesses to offer discounts or services to residents, enhancing the community’s appeal. Invite the local alderman to speak at an upcoming board meeting or annual meeting.
- Embrace Technology: Use technology and software for HOA management to streamline operations and improve communication with residents. Encourage homeowners to participate on the board and ensure board meetings are effective, efficient and productive while allowing time for homeowners to participate in meaningful ways.
- Capital Improvements and Infrastructure Investment: Invest in infrastructure improvements such as roads, sidewalks, and lighting to enhance the overall quality of the community. Ensure capital projects are addressed in a proactive manner and avoid deferred maintenance as much as possible. Build the reserves and raise assessments regularly so funds are available when the time comes to take on the capital projects and improvements.
- Educate Homeowners: Inform homeowners about the benefits of maintaining property values, such as increased resale value and improved quality of life. Explain that it is in everyone’s best interest to regularly raise assessments and fund the reserves so that when the time comes for the owners to sell, they will maximize their value.
SUMMARY
As a board member of a community association such as a condo, townhome or HOA, it is extremely important to maximize the resale value of the units. Homeowners invest a significant amount of money to purchase their homes within the community and they want to get a significant return on their investment. Following the aforementioned guidelines will ensure that all the unit resales are maximized.