The value of houses has gotten higher and higher in the last few years. As of April 2023, the median value of a home in Florida was around $410,000.
If you own a home in Florida, you may be trying to make sure that you maintain this new home value. Luckily for you, an HOA manager can help you with this.
What are the biggest things that an HOA manager can do for you? This guide goes over some of the biggest benefits of HOA management.
Enforcing Your Rules
One big thing that an HOA manager can do for you is be the person that enforces the rules that your HOA has. Right now, it may just be a homeowner who is part of your HOA board and is not looked at as an authoritative figure.
An HOA manager can change this because they have likely been in this position before. On top of this, they can be looked at as a clear neutral party that knows what is best to increase property value.
Let's say that your HOA board has rules about what color homeowners can paint their houses. You all may have agreed to keep your house colors neutral to try to make it more appealing to a broader audience.
However, one homeowner may have decided that they wanted to paint their house pink. Then, they may have gone ahead and started doing this without getting permission from the HOA.
The HOA manager can shut this down and tell that homeowner they are not allowed to do that. Then, they can go over what consequences the homeowner faces if they do not obey these rules.
Managing Your Funds
Another thing that an HOA manager can do for your neighborhood is manage the funds associated with your HOA. This means reviewing the HOA fees that you currently charge, ensuring that those fees get collected every month, plus providing counsel about how to use those fees.
An example can be determining how much money needs to be dedicated to routine home maintenance. The general guideline is to dedicate about 1% of the home's value annually towards this.
So, let's say that a home in your area is worth about $400,000. You would have to make sure that you have about $4,000 in maintenance funds for each home in your HOA in this scenario.
There are also other expenses that you need to think about such as maintenance around common areas. This can be anything from fences, to a playground, a pool, and more.
Hire an HOA Manager
These are just a couple of the things that a good HOA manager can do for your neighborhood. This is somebody that can help make sure that people are following the rules that your HOA put in place plus help influence where your HOA funds should go.
Do you want to know more about HOA manager benefits in the Punta Gorda, Florida area? Message us here to get started.