Having a homeowner's association is one of the best ways to find success in real estate, but how exactly can it benefit you?
HOA communities greatly benefit both tenants and investors, making them desirable to those willing to spend more than they would on traditional homes. However, fully understanding the benefits is necessary before deciding whether to enter the industry.
Here at PMI Bayou City, we can provide all of the information you need to start and maintain a homeowner's association. In this guide, we'll outline the top 5 benefits of having an HOA in Houston!
1. Protect Property Value
One of the main benefits of having an HOA is that it protects property value.
Because tenants are held accountable for many things, they often maintain their properties. When a property stays in good shape, its value is likely to remain the same, and in many cases, it can increase.
Tenants must also get approval before making changes to their property's exterior, further preventing its value from decreasing.
2. Enforce Local Laws
Another benefit of having an HOA is that local laws are enforced. Although tenants have the freedom to do many things, they are expected to abide by the government's and community's rules.
This not only protects properties but also ensures that everyone in the community is satisfied.
3. Regular Maintenance
HOA maintenance of common areas is a major reason that people move to HOA communities.
When living in one, you can expect the board to handle things like HOA landscaping, exterior painting, flooring, and maintaining rec centers. Should a tenant have an issue with something, they can immediately resolve it with the board.
When the community is maintained properly, it's more likely to be happy and thrive.
4. Amenities
Aside from regular maintenance, various HOA amenities are often provided to tenants of homeowner's associations.
Swimming pools, fitness centers, courts, and playgrounds are all common in these communities. However, the exact amenities a tenant has access to will vary depending on the HOA. Because of this, you should think about what your ideal tenant would like, and then implement it.
5. Security
The main benefit of having an HOA in Houston is improved security.
Because HOA communities have many restrictions, some of them require tenants and guests to ID themselves before entering. Although this can seem excessive, many tenants enjoy it because they can avoid unwanted guests.
In communities that don't have entry requirements, tenants often build relationships and look out for one another. This can make everyone feel safe, regardless of whether their HOA has a gate.
Start a Homeowner's Association Today
As you can see, having a homeowner's association can provide tenants with many benefits that will encourage them to stay, letting you earn more money as an investor.
Now that you've read this guide, you should start working with PMI Bayou City to break into the HOA industry with ease. Whether you want to be an investor or association manager, we have all of the resources you need to succeed.
Contact us now to learn more about how we'll assist you with your homeowner's association!
