It's no secret that Del Mar properties are already high in value. In 2024, the median listing price was $4 million, with homes selling for an average of less than 2% below the asking price.
Does that mean that Del Mar homeowners should operate on the assumption that their homes will sell for millions? Not exactly. A lot of factors can influence the value of your home, and your neighborhood is one of them.
An HOA that prioritizes things like HOA property maintenance can support and even increase your property value. How? Read on to find out.
Maintaining Common Areas
An HOA collects dues on a monthly or annual basis. The primary purpose is to cover the cost of maintaining common areas like parks, pools, and neighborhood gyms. They may also organize things like neighborhood bulk trash collection and other utilities.
When community assets are well-maintained, so are community amenities. The more your neighborhood has to offer, the better your property stands to perform on the market. Desirable locations have major sway in the world of real estate.
Adding New Neighborhood Amenities
In a good year, HOA boards can use HOA dues and break even on costs like maintenance and community events. In a great year, HOA boards can use extra funds to finance new amenities and increase your neighborhood's desirability.
For example, adding a park or playground to your neighborhood can increase individual property values by 8% to 20%. You may not be able to impact the quality of your local school district or the shops in nearby shopping centers. However, an HOA gives you more control over how your neighborhood expands.
Supporting Homeowner Goals
As the economy changes, we predict that more homebuyers will be looking for their forever homes. In other words, fewer buyers will buy properties anticipating that someday, they'll move elsewhere.
Having a high-functioning HOA can be a major perk for buyers who are thinking about long-term goals. An HOA has the potential to give homeowners more power over what happens outside of their own properties.
Is HOA Property Maintenance a Guaranteed Value Add?
It's important to note that a mismanaged HOA isn't likely to raise your property value. HOA dues do impact mortgages and living expenses, and buyers won't want to pay more for HOA living that doesn't meet expectations.
The good news is that any HOA can get the support it needs to thrive. Finding a great association manager can turn your homeowner's association around and support the growth of your property value.
Get Better HOA Management with PMI Del Mar
HOA property maintenance has the potential to increase your neighborhood's desirability. When your home is in a great location, your property value may grow. That said, if your HOA is lacking in results, you may not see the boost you hoped for.
PMI Del Mar takes a nationally-tested system and caters it to the specific needs and interests of Del Mar homeowners and investors. Our real estate experts and proprietary software can streamline your HOA operations for better results. Contact us today to learn more.
