Homeowners Associations (HOAs) throughout South Florida are keenly aware of the ups and downs of property values. The HOA property manager, working with the HOA Board of Directors, can act decisively to maintain and improve property values even during uncertain economic times.
Amenities
The Board must guard against over-building but needs to provide popular amenities suitable for multi-generational families that are key to long-term occupancy:
- Swimming pools
- Playgrounds with slides and tot lots
- Exercise courses and indoor fitness centers
- Cafes
- Card rooms
- Tennis courts
Exterior Maintenance
Common areas are 100 percent overhead, but must be kept neat and functioning properly. This means scrupulously maintaining parking, building facades, sidewalks and other multi-use areas that could create slip and fall hazards, degrade values or become unattractive from neglect.
Small HOAs may need to hire outside maintenance companies, in which case the property manager may need to be very actively monitoring daily upkeep. Larger HOAs should invest in staff that is in-house that can quickly address homeowners’ needs and keep property values up.
Roofing Maintenance
Finding the right commercial roofing company, one familiar with HOA operations, can save money and boost value by keeping all the HOA roofs in top shape through annual inspection and repair.
A commercial roofing company must know how to work with homeowners, HOA boards of directors and property managers, so maintenance can be carried out economically and quickly, with minimum delay due to communication errors or irate homeowners.
Landscaping
Home values are boosted when land shows value. The HOA that practices water-efficient xeriscaping and nurtures native species will see landscaping bills fall while values rise, while the HOA that tries to bring in water-craving plants and exotic species will fight a never-ending battle against nature and decreasing property values. The South Florida Water Management district lists native plants that are tough and water-frugal, including these typical specimens:
- Sweet Acacia
- Buttonwood
- Blolly
- Geiger Tree
- Scrub Palmetto
- Adam’s Needle
- Black Torch
- Florida Gamagrass
Occupancy
The Board must be vigilant to keep occupancy rates of the HOA units above 50 percent, a common cutoff for commercial lenders. Below 50 percent occupancy, few lenders will help with financing or refinancing, leaving the HOA without a ready source of credit and unable to attract new purchasers.
PSI Roofing, South Florida’s premier commercial roofing company, can work with your HOA to increase property value, benefiting all stakeholders. Contact PSI Roofing today to learn more.
