Good home value is a key asset for someone to thrive in life. However, the home value in the Salt Lake area has been unpredictable of late.
By the end of 2022, the median home value declined by 9% compared to the year prior.
Homeowners in this area may be wondering how to maintain or increase their home value now. Well, one option you have is to look into HOA property management companies.
What can HOA management services do for you? This guide breaks it down.
Creating a Budget
One thing that an HOA manager can do is help your organization come up with an appropriate budget. They can account for all of your expenses, along with all of the HOA fees that you collect from other homeowners.
This can give you a better idea of how much you need to charge in HOA fees and can allow your HOA to be more organized.
An example of a good HOA budget is accounting for routine maintenance. It is recommended that homeowners dedicate 1% of their home's value annually towards maintenance.
By that guideline, a good HOA manager would include that as part of the annual HOA fees as well as any other expenses that they deem necessary.
Working With Vendors
Another thing that an HOA manager can do for you is work directly with vendors. This manager would be responsible for making sure that your community gets the quality service that it needs.
An example can be working out a contract with a landscaper. They can find one for an affordable price and determine how often they will mow lawns around your community.
Then, they can find people for other things, such as roofing contractors, construction workers, plumbers, electricians, garbage collectors, and more.
The idea is to make sure these services are being taken care of, they are done right, and they are done for an affordable price.
Enforcing Your Rules
You can consider the HOA manager to be the enforcer of the rules that your HOA agreed upon. In other words, this is the person that handles discipline as well as making sure that the rules are followed.
An example can be if someone decides to put an extension on their home without notifying the HOA. If there is a rule that bans alterations to homes without the consent of the HOA, the manager could either force the homeowner to revert the home back to its original condition or fine them.
These rules are typically in place to keep the property value up. You will want this person to enforce these rules to maintain your property value.
Look Into HOA Property Management Companies
These are some of the benefits you get by working with HOA property management companies. They can become responsible for creating a budget for your HOA, working with vendors around your community, and enforcing the rules that you all agreed upon.
Does HOA property management in South Jordan and other Salt Lake City suburbs sound good to you? If so, message us here to work with our company today.