High home value can be one of the most valuable assets that an American has. However, that exact value is not guaranteed in the Phoenix area of late.
That is because the median home value in that area has fallen by 12.6% compared to its peak value.
Homeowners may notice this trend in Phoenix, Arizona, neighborhoods and wonder how they can get their home value back up. Well, one way to do that is to form an HOA.
Is HOA home value higher than a traditional neighborhood? This guide breaks down some of the key factors.
One of the biggest things that an HOA can do for a community is stress the importance of curb appeal for HOA homes.
Curb appeal plays a big part in raising home value because it can be what draws people into a home. It is so important that 92% of realtors tell sellers to improve their curb appeal before they list their homes for sale.
What goes into curb appeal? Think of it like a first impression. When a potential buyer pulls up to a house, what do they first see when they step out of their car? Does what they see make buyers want to see what else the house has to offer?
These are things an HOA can help with. An example can be enforcing rules to promote better curb appeal.
This can be something like leaving too much trash out on your front lawn. An HOA can also take it a step further and say homeowners have to mow their front lawn a certain amount of times per month.
HOAs may even get strict about what color homeowners are allowed to paint their homes in the community. The reason for this is that if it is a bad color, it can impact the home value of that house along with adjacent neighbors.
Another thing that increases HOA home value is the amenities in the community that the HOA offers.
This can be something as simple as regular landscaping services. Not everybody likes to mow their lawn all of the time, so having a service come do it for you can be a big perk for some people.
You also have to think about community areas that may not be available in individual homes. A great example of this is if your HOA has a pool. Because it is a community pool, every homeowner has access to it, and it can be a big perk for people wanting to move to an area like Phoenix.
Increase HOA Home Value
These are some of the reasons why HOA home value tends to increase. An HOA simply offers more perks and makes a more active effort to protect home value than average homeowners do.
That means having rules in place, such as the condition of your front yard and the color of your house. It also means offering amenities such as a swimming pool to allow homeowners to cool off from the hot summers in Phoenix.
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