Chicago may have one of the fastest-growing housing markets this year. But is your HOA property keeping up with the trend? Or is an HOA all about fees without any financial benefit?
It's a question that often plays on the minds of homeowners in Chicago. Here, we'll offer a definitive answer. Read on to learn the truth about HOA home values and whether they provide the financial reward you want.
The Role of the HOA
Most people think of an HOA as a team that makes and enforces rules in a community. But in reality, these groups do so much more.
For a start, they maintain the communal grounds and buildings, ensuring the surroundings remain as pristine as the day you bought your home. Plus, they ensure HOA fees go towards upgrades and improvements that benefit all residents.
These teams also act as mediators, helping handle and resolve disputes in the community.
Property Values and Maintenance
The best way to preserve the value of your home is to ensure it's in good condition and well-maintained.
The same is true for the area surrounding your property, where HOA teams become essential. A combination of rules and regular maintenance ensures that the residential communities look high-end and uniform, boosting curb appeal.
All that makes your property more attractive to potential buyers, thus positively impacting the home resale price. Your neighborhood will never look like one in decline.
Financial Management
The HOA fees collected from residents go to the upkeep and upgrades of the community.
That gives the management team economies of scale that residents wouldn't achieve independently. Hence, the money goes further and adds greater value.
Take an on-site gym, for example. Residents can benefit from this facility and save money on gym membership.
Since the HOA maintains it, you never have to worry about it falling into disrepair, and they will manage the budget. This is a huge selling point for your property.
Having home amenities on site is also a convenience that can attract potential buyers to your neighborhood and help boost property prices. The same is true for events.
Many HOAs have events like celebrations and classes that promote social harmony, which can appeal to buyers who want to live in a close-knit community.
Managing Residents' Satisfaction
One of the most critical roles of the HOA is to ensure all residents are happy and satisfied with the community. They'll take on board feedback from the community and help resolve disputes and complaints.
When you have a strong leader who can foster trust and support among residents, you'll be living somewhere that develops a positive reputation.
It will become a more sought-after community, pushing up demand for homes and helping secure a home sale.
Protecting Your HOA Home Value
It's great having an HOA that takes charge of everything. But as a property owner, you must oversee what's happening. Check whether your association is taking the proper steps to boost your long-term HOA home value.
With over two decades of experience, PMI Chicago Metroplex understands the uniqueness of Chicago properties better than any other real estate team in the area. That's why associations choose to use our team to manage their HOAs.
For more information about how we can help you, head here.
