Homes that are in communities managed well by homeowners associations will be more attractive to most buyers. When the exterior of residential homes is maintained well, property value remains high.
While homeowners will need to invest in certain areas of exterior property maintenance to uphold the value of their assets, homeowners associations can also impact the value of properties in the community. Because homeowners associations support various standards and regulations that assist with the maintenance of home exteriors and landscaping, HOA funding gives homeowners the option to reinvest their assets collectively.
Nevertheless, here are five neighborhood upgrades for HOAs to consider funding.
Decorative Street Lights
Decorative LED street lights from Signature Streetscapes can reduce power consumption for the community and improve the overall appearance of the neighborhood at night. Modern street lighting can make a significant difference to any area, and if you’ve ever passed through a town with flickering street lights or none at all, the impact of good lighting is easy to understand. Neighborhood lighting also enhances security, which will further boost property value for homeowners.
Invest In Landscaping
Investing in commercial landscaping services is a great way to allocate some HOA funding. Residential landscaping can increase property value by up to seven percent for homeowners, and a well-manicured neighborhood with appealing common areas can boost property value even more.
When choosing landscaping ideas, it’s best to incorporate vibrant flowers, install green turf, work with existing trees, and add a few decorative structures like water features or large boulders.
Buildings and fences in the neighborhood will need to be repainted roughly every five to ten years. However, it’s essential to repaint sooner if exterior walls, fences, and gates start to look shabby sooner. Instead of only budgeting for repainting every five to ten years, it’s worthwhile to afford the cost every three years and opt for high-quality paint.
With this, it’s also wise to encourage homeowners to repaint the exterior of their properties during the same time frames. You could even motivate homeowners to repaint by sharing the costs of residential painting services.
Make Outdoor Spaces More Functional
Common areas can be upgraded with tables and benches, shaded structures, walkways, playgrounds, tennis courts, and even outdoor lounge areas. Making outdoor spaces more functional is also a great way to bring residents together and build a close-knit community, which buyers also find more appealing.
Invest In Ongoing Maintenance
While it’s essential to allocate some funding towards new projects and value-adding upgrades, it’s just as vital to invest in ongoing maintenance. With this, it’s important to employ services to clean gutters and drainage systems, repair concrete sidewalks, replace bent or broken street signs, and make sure the neighborhood is well maintained in various other ways.
Homeowners associations can boost property value for homeowners and attract more buyers by upholding various vital standards within the community. By allocating HOA funding efficiently, homeowners can rest assured area value won’t negatively impact their assets.