Q: Will a homeowner’s association increase a property’s value?
A: In my opinion, a homeowner association (HOA) provides assurances to a homeowner that the common areas of their community will be maintained and architectural guidelines will be followed.
These guidelines often involve things like landscape care, exterior maintenance and even a “color pallet” that homes must comply with. There will often be rules that have to be complied with like no parking in the streets or overnight, and activities that are not allowable such as certain home businesses. In addition, a HOA often provides a certain amount of social interaction with other residents in the community at the homeowners annual or quarterly meetings, if applicable.
In some cases, some of the HOAs can be quite costly, depending on the services that the HOA includes. Generally speaking, the more amenities and common areas a development has, the higher the association fees will be.
Many times, these HOA costs are fees a homeowner does not feel comfortable paying and therefore, is considered less favorably by some future homebuyers. This is a personal preference and some may view the HOA fees as a convenience that they are happy to pay for.
I feel HOA’s serve an important purpose and help maintain neighborhood standards which, in theory, often helps preserve home values.
— Amy Bernstein, Bernstein Realty,713-882-1166
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