Here's How To Avoid Low Property Assessments That Can Hurt Your HOA
One of the goals of a well-run HOA is to increase property value. Several factors need to be considered to avoid a low property assessment. Historically, a solid market finds property values rising, based on the area’s economy, jobs, availability of mortgage funds, changes in the neighborhood, and the house itself. When values are falling, change is reflected in a decrease in property values based on the same circumstances.
Your HOA management company or self-managed communities may not be prepared to deal with falling property values. RowCal is a leading web-based property management company, and we can help with any of your association’s unique situations. We can also assist in helping you consider the best way to avoid low property assessments by dealing with issues you can influence like these below.
Fund Your HOA
When you purchased your home, you agreed to follow the covenants of the HOA. You signed on to pay for dues and any assessments needed for the HOA to maintain the property. You also are obligated to help fund improvements when assessments for unexpected issues arise. Funding your association this way ensures access to the amenities you love and even the ones you don’t use. What happens if payments aren’t made? Some HOA’s have foreclosed on properties for nonpayment of HOA fees, fines, and assessments. Having foreclosures signs in the neighborhood makes the area seem undesirable, and your property values can decline.
Maintain the Property in Your HOA
Project management services will use the monthly fees to maintain the shared areas of the neighborhood or complex amenities like swimming pools, parking garages, fitness rooms, landscaping and more. Ensuring that all of the properties keep up with their own curb appeal and maintenance is a major job for the HOA. Pride in ownership is obvious when the residents, whether renters or owners, maintain their homes and care about their neighborhood. A pleasant community appearance adds to home values, helps attract business investment, and improves the neighborhood reputation.
Assess Your Remodels or Additions
Any structural changes to a home or property can change your property assessment for better or worse. A deck, a pool, a large shed, or any other permanent fixture that is added to your home is presumed to increase its value. Though foreclosures, job rates, new construction, damaging storms, and other disasters can make your property values plummet.
Cloud-Based Property Management Services in Minneapolis
Homeowner associations have an important and often unclear role when dealing with daily issues. It is comforting to know that the staff at RowCal, an experienced cloud-based property management consulting service, has the experience to help your association with a variety of homeowner issues. Contact us at 651-233-1307.