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Having good home value can make it easier for someone to move on to the next stage of their life. However, this can fluctuate depending on your circumstances.
Right now, the median home value in Utah is around $450,000.
If you are reading this, you are likely a homeowner in the state looking to maintain or increase your home value. Well, one thing you can do is look into HOA management services.
What can HOA management companies do for you? Read on as this guide breaks down some of the biggest benefits.
Handling Maintenance Needs
One of the biggest things that an HOA manager can do is handle maintenance needs around your community. Typically, an HOA is responsible for the maintenance of everything attached to the houses in the community along with the common areas.
As a result, an HOA has to account for routine maintenance expenses that come up. Annually, this typically plays out to around 1% of the home value. That means a home that is worth $450,000 should dedicate around $4,500 towards maintenance every year.
Also, consider the maintenance needs for things in your common areas. This can be anything from playground equipment to barbecues, pools, fences, and more.
You can have an HOA manager account for this and charge the appropriate HOA fees to cover these expenses.
Collecting HOA Fees
Another thing that a property manager can do for you is help collect HOA fees. Considering that these fees help fund all of your maintenance needs, vendor payments, and upgrading your common areas, it is crucial that you do not slip on this.
One reason why this is so important is that if a homeowner gets the sense that they can get away with not paying their HOA fees, they may continue to do this. Eventually, other homeowners may join in on resisting HOA fees.
That is when you need an HOA manager to take action. A few things need to happen here.
First, you need to give a public warning that late HOA fees will not be tolerated. During that warning, clearly communicate what the consequences will be.
If that is not enough, you may have to start fining homeowners that are late with their HOA fees. An HOA manager may have to threaten homeowners with eviction if they are still resistant to this after repeated warnings.
Make sure that you have an HOA manager that is not afraid to get their hands dirty on this subject.
Look Into HOA Management Companies
These are just a few of the benefits that you get when you work with HOA management companies. They can help you collect HOA fees, enforce the rules when it comes to paying HOA fees, and handle all of the maintenance needs in your community.
Does this sound good to you? Are you looking for an HOA management company in Orem?
Message us here to find out more information.
