It's no coincidence that the first option you'll see when searching for homes is location. That's because where we live is as important as the four walls surrounding us.
And if you can offer a buyer a beautiful, friendly HOA community, it will be a big tick in the box that could put you ahead of other properties.
But how much is that HOA home value worth? Let's explore the answer here.
Understand the Role HOAs Play in Home Value
A homeowner's association (HOA) offers something extra to house and condo owners. That might include pleasant communal areas, professional landscaping, and valuable amenities.
When the HOA manages these aspects, and they manage them well, it can offer more appeal to your home and boost the asking price.
On the downside, HOAs come with fees, and that's something that potential buyers will take into account when making an offer.
Review Trends in Tampa's Housing Market
The most accurate way to get a valuation is to examine similar HOA properties in your area. Look at their condition and the types of HOA services they receive.
You'll also need to cast a wider net to examine economic trends for a more accurate and current valuation.
In Tampa, house prices have risen this year. Furthermore, a Tampa property commands a higher price than the national average. But the market is constantly in a state of flux.
Monitor trends to determine your HOA home value. In addition, focus on other HOAs in Tampa and compare prices in your neighborhood for better accuracy.
Assess the Value of the HOA Services vs. Fees
When buyers assess your property value, one of the first things they'll want to know is the HOA fees. So you must understand what services you receive for that fee as that will give you a better picture.
A wealth of high-quality services will make it easier to justify that fee and maintain a high house valuation.
Write the list of benefits you receive as part of an HOA and add an estimate of what these would cost if you paid for them separately.
Taking Steps to Boost Your HOA Property Value
Comparing similar properties will give you a house valuation. And understanding the HOA benefits will help provide a clearer picture.
But that's not the end of the story. There is much you can do to boost your property value.
For example, when comparing similar properties, look at the condition of the homes and the communal areas. Do they look better or worse?
If you can do some simple upgrades, it will help you get a similar asking price to competing homes. Perhaps the communal areas seem tired. If so, speak to your HOA board about prioritizing some cleaning and repair work.
Find Your HOA Home Value Now
Calculating the HOA home value isn't dissimilar to a standard home valuation. The key difference is understanding your HOA's added value, which will depend on your specific community.
Our team has experience understanding HOA communities and getting the most from the value of your HOA properties. Reach out to our team now at PMI Tampa for professional HOA support in Tampa, FL real estate.