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Owning a home can end up being one of the most valuable assets that you have. People who depend on this asset to appreciate to retire may want to find ways to protect this asset.
At the end of 2021, the median home value in Orem was $329,000.
What is something that you can do to maintain that home value? You can hire an HOA management company.
What can HOA management do for you? This guide goes over why you should get it.
Rule Enforcer
One of the biggest reasons you may need an HOA manager is to have a clear authority figure to enforce the rules in your community. Let's face it, an HOA board is likely run by people behind the scenes, and they could be fellow homeowners themselves. As a result, it can be difficult to be a neighbor and an authority figure at the same time.
What this does is allow an HOA to have more separation on these two things. They can hire a third party to manage the HOA needs, which includes enforcing the rules that an HOA board drafts.
One example of this can be a homeowner that is using their home as a vacation rental. Your HOA may have agreed to ban homeowners from renting out their homes to other people.
Some reasons for this could be to keep the neighborhood safer, keep the neighborhood quieter, and even other financial reasons. The point is that an HOA manager can be the person that tells the homeowner that they have to stop doing what they are doing or face eviction from the community.
Collecting HOA Fees
Another thing that you can make an HOA manager responsible for is collecting the HOA fees for the community. This is very important because, most of the time, all of that money goes back into the community.
If people stop paying their HOA fees, this results in a couple of things. The first is that homeowners will think this behavior is normal and that they can get away with it.
The second result will be that without any funds, you cannot perform any maintenance or upgrades to common areas and houses within your community. As a result, your community could decline, and home value will go down with it.
Make sure that you have an HOA manager that is not afraid to put their foot down when it comes to collecting HOA fees.
Get HOA Management
These are just two of the benefits that you get with proper HOA management. This is the person that enforces the rules in your community and makes sure that all of the homeowners live in a peaceful area.
On top of this, your HOA manager will be responsible for collecting all of the HOA fees. Considering that these fund all of the common areas, this needs constant attention.
Do you need HOA management services for your community? Message us here to find out more.
