Homeowners associations (HOAs) have increased considerably throughout the country, but one state rules them all: Florida. According to a South Florida Agent post, the Sunshine State has the highest HOA rate in the country, as 45% of homes here have one. The article also revealed that the average HOA home value is 4% higher than that of properties without an association.
So, if you've been considering investing in a property in Fort Myers, FL, you may have wondered how exactly having an HOA drives home values.
Luckily, you've landed on the right page. Our team of property management experts at MyTown Communities discusses rules that help boost HOA home values, so please read on.
1. Regulations on Curb Appeal
According to Bankrate.com, a University of Texas at Arlington study found that curb appeal accounts for up to 7% of a home's value. For the same reason, homeowners associations enforce stringent regulations establishing curb appeal standards. Some examples include:
- Specific color selection for roof and siding materials
- Fencing height and placement
- Yard decorations
- Lawn height
- Timely maintenance and repair of a home's exterior
By enforcing curb appeal regulations, HOAs help homeowners stay on top of home maintenance and neatness, resulting in a potential property value increase.
2. HOA Fee Requirements
When you invest in a home with an HOA in Fort Myers, FL, you're technically joining an exclusive membership. Part of your duties as a member is to pay HOA fees. However, the money you spend goes toward the many homeowners association benefits you also get to enjoy, such as:
- Amenities like swimming pools, fitness centers, and clubhouses
- The professional maintenance of community amenities
- Services like security, maintenance, and overall HOA management
- The service providers' salaries or income
Since association fees go toward expenses necessary to uphold a community's high quality of living and maintain HOA properties and structures, the rule of having to pay them helps with real estate appreciation.
3. Laws on Recycling and Garbage Collection
From flies to roaches, ants, and rodents, these are just some of the most common household pests attracted to improperly disposed waste. No one wants to live somewhere with high pest infestation rates, considering these critters are creepy crawlies.
Even worse, pests can cause property destruction and diseases. Rodents alone carry and spread at least 35 known diseases to humans, as the Florida Department of Health notes.
So, it's no wonder HOAs enforce strict waste disposal, collection, and recycling regulations. Non-compliance can lead to hefty fines. However, considering the dangers of not adhering to these laws, it's easy to see why they warrant costly penalties.
Compliance Leads to a Higher HOA Home Value
Curb appeal laws, HOA fee requirements, and waste disposal regulations are some of the most common rules in associations that help boost HOA home value. While they can be stringent, they exist to drive property values and keep the community and its residents safe, secure, and healthy. All that should be enough reason for members to comply with their HOA's rules.
If your Fort Myers, FL, HOA has yet to partner with an association management firm, look no further than MyTown Communities. We're proud to have been helping associations throughout Fort Myers and Lee County for over 15 years.
Speak with us today to discover how we can help enrich your HOA!