Several board members attended a free webinar on Maximizing Home Values in an HOA. The focus was understanding why some HOAs are inviting places to live with strong home values and other associations are in a state of decline. One of the most important items was a strong Reserve fund. A study by Association Reserves showed home values were 12.6% higher in associations with a strong (over 70% Funded) Reserve Fund than homes in associations with a weak (under 30% Funded) Reserve Fund. You can read more about this here:Reserve Funds and HOA Home Values.. As you may recall, we are contributing more to the reserve fund than we have in years past in order to get us to an acceptable funding level. The Board is focused on the Reserve Fund and an update to the reserve study was recently completed.
Other items that can make a difference in home values within an HOA are as follows:
- Budget Accurately & Honestly
- Maximizing Curb Appeal
- Avoiding Deferred Maintenance
- Avoiding Special Assessments
- Creating a Culture of Transparency
- Building “Community”
- Adhering to Rules & Standards
- Employing accredited, credentialed managers
- Training Board Members
- Teaming up with Knowledgeable Business Partners
All of us can contribute to helping maximize home values in SMVE whether or not we volunteer as board or committee members. Do your part to maximize curb appeal of your property and help us continue to build a sense of community. We’re also always looking for volunteer board and committee members to help. A strong volunteer base will keep our community strong.