Arizona is an amazing state, so it's no surprise that around 85,000 people moved there in 2021.
If you own one or more homes in Phoenix, you might have come across the acronym "HOA" before. Joining an HOA can have an impact on your home value.
Are you wondering if it's worth it? Read on to learn more about HOAs in Phoenix and how they influence your HOA home value.
What's an HOA Home?
An HOA is a group formed by the residents of a community. It often involves either a neighborhood or a condo complex.
Its purpose is to establish and enforce rules and regulations. The agreed-upon rules ensure the community's upkeep, appearance, and more.
The HOA collects fees from homeowners to cover maintenance and amenities. This can run the gamut of landscaping, security, and other tasks.
How Does an HOA Impact Home Values?
Joining an HOA can have both positive and negative effects on the value of your home.
For example, an HOA often maintains high standards within the community. This could skyrocket curb appeal across the board. There's no denying that this can lead to increased home values.
It's important to note that HOA fees can also impact the affordability of homes. It's true that the amenities and services provided by the HOA can be appealing. However, the extra monthly fees might make potential buyers think twice.
HOA Factors You Should Take Into Account
When evaluating the impact of an HOA on home values, several factors should come into play. For instance, the quality and variety of amenities offered by the HOA.
Do they have a swimming pool? What about a gym or park? These amenities can significantly influence a home's value.
HOAs enforce rules that ensure uniform appearance and maintenance standards. These regulations can help maintain the community's aesthetic appeal. They can also limit homeowners' freedom to change their properties.
A well-managed and financially stable HOA is more likely to provide consistent maintenance and services. This is yet another bonus.
Location is the mantra of the real estate world for good reason. The neighborhood's location can affect your home's value as well.
Is it close to schools, shopping centers, and public transportation? All of these factors matter.
Real Estate in Phoenix and HOA Home Values
Phoenix is known for its diverse neighborhoods and growing real estate market. Many neighborhoods in Phoenix have respectable HOAs.
When considering a home in Phoenix, it's a good idea to research the specific HOA's rules, fees, and track record. Doing this will help you realize if the HOA aligns with your preferences and financial situation.
Now You Can Get a High HOA Home Value
By considering the right things, you can make a wise decision and get true HOA home value.
Another way to choose the right Phoenix HOA is by checking to see who manages the community. PMI Phoenix Valley offers the most respected management solutions in the Arizona area.
Would you like to tap into our real estate resources? Connect with one of our PMI agents today.