5 Ways Homeowner Associations Can Attract New Homeowners
Homeowner associations are a kind of association within a subdivision, condominium, or planned community that creates and enforces rules for its residents. HOAs are responsible for keeping areas neat, tidy, and safe while also tending to the appearance and condition of the neighborhood. These associations are composed of residents and are run by a board elected by its members. Here are a few ways homeowner associations can attract new homeowners.
While HOAs are tasked with creating a safe and comfortable environment for residents, board members can do much more than fine non-compliant residents; board members can effectively attract new homeowners to establish a stronger community.
1. Improve Neighborhood Appeal
Buyers are typically looking for communities with excellent curb appeal. This factor is powerful enough to make or break area value, so it makes sense why the appearance of a neighborhood matters as much as the appearance of a property for buyers.
Dedicating enough funds towards upgrades and improvements that will enhance the neighborhood’s appeal is a great way to attract new residents.
Signature Streetscapes decorative LED street lights are just one upgrade to consider that will liven up the whole neighborhood. In addition, replacing faded street signage, fixing potholes, and keeping the streets clean are significant efforts.
2. Enhance The Landscaping
Landscaping will impact the appearance of the neighborhood, so it makes sense to invest in landscaping that attracts buyers to the community. Even so, opting for low-maintenance landscaping designs is essential to ensure maintenance and water costs remain low.
You will need to rely on a landscaping service to maintain these efforts, so add this cost when creating the budget.
3. Improve Overall Security
Another factor that makes a condominium appealing to buyers is safety. Buyers are even willing to pay more if they can be assured of general safety. For this reason, it’s wise for homeowner associations to devote a part of the budget toward security.
Installing cameras, employing security guards, and securing the community with gating are worthwhile investments.
4. Reduce The Utility Costs
Homeowners already need to pay their utility bills, but there’s also the cost of community utilities. Homeowner associations can ensure these costs are kept as low as possible.
Implement sustainable landscaping, switch to LED street lighting, install irrigation system timing, and educate residents about energy-saving habits at home.
5. Welcome Residents To Meetings
Homeowners invest a lot of money to obtain and keep their properties. For this reason, they’ll feel more secure in their investment choice if they know what’s happening in the community. Welcoming residents to join meetings and offer their opinions and suggestions is another excellent way of keeping the community content. And a content community attracts new homeowners.
Board members can improve the community and attract buyers through proper fund management. For example, devoting funds towards landscaping, boosting security, and enhancing neighborhood appeal are all effective ways to make a community more appealing to buyers. In addition, it’s also essential to find ways to keep utility bills as low as possible.