If you're part of a HOA in Chicago, you might be left feeling like you aren't getting the value for money you deserve. After all, Chicago is known for having significantly higher-than-average HOA fees, along with strict rules for community members.
With sky-high fees, you should have sky-high expectations. Not only should you expect top-notch services, amenities, and maintenance, but also an association that boosts your wealth. This is where the question of HOA home value comes in. Here are our top HOA home value boosters to prioritize.
1. Consistent Maintenance Is Key
One of the most important benefits of an HOA is ensuring that all homes and common areas are well-maintained. In Chicago, where harsh winters can take a toll on homes, regular upkeep is essential for protecting property values.
HOAs often provide services like snow removal, landscaping, and exterior maintenance, preventing the wear and tear that can detract from your home's curb appeal.
2. Enforce Your Community Standards
A significant factor that impacts home value is the consistency of the neighborhood. HOAs enforce rules about home appearance, landscaping, and exterior modifications.
These rules ensure that no one property brings down the value of others in the community, which is particularly important in a competitive real estate market like Chicago's.
3. Offer Amenities Buyers Want
Many Chicago HOAs provide access to amenities like pools, fitness centers, and parks. These amenities not only add to your quality of life but also enhance your property's value.
Buyers are often willing to pay more for homes in communities with top-notch amenities, especially in urban areas where private outdoor spaces might be limited. This is especially true for families and individuals looking for a suburban feel within the city limits, like in neighborhoods such as Lincoln Park or Lakeview.
4. Enhanced Security
Safety is always a top concern for homeowners, and in many Chicago neighborhoods, HOAs take active steps to improve security. Whether it's through gated entrances, security patrols, or surveillance cameras, these efforts can have a significant impact on property values.
A secure community is not only more attractive to potential buyers but can also lead to lower insurance premiums. This combination of perceived safety and financial savings is a win-win for current and prospective homeowners.
5. People Want Community
In Chicago, where diverse neighborhoods are key to the city's charm, fostering strong community ties can make your home even more appealing. Here are a few ways HOAs build community:
- Social events
- Shared spaces
- Regular meetings
- Group activities
- Volunteer opportunities
By enhancing neighborhood camaraderie, HOAs make communities more attractive to buyers who value a home and a thriving, connected neighborhood.
Boost HOA Home Value with the Right Management
Your community's HOA fees should go beyond keeping everything in working order. They should also grow the long-term wealth of everyone in the community.
By directing resources to these HOA home value boosters, you can do exactly that. If you need professional assistance in this regard, we have got you covered.
At PMI Windy City, we offer local, top-tier association management to take care of this on your behalf. Get in touch today to find out more about our services, contractor networks, and track record.
