After a tumultuous few years, Del Mar has finally become what is often considered a buyer's market. While interest rates are still high, home prices are down and sales are less competitive.
If you're ready to start looking for a new place to call your own, mortgage payments aren't the only thing to consider. Many Del Mar communities now have HOAs, which means you may need to factor in HOA fees, too.
Some homeowners steer clear of investing in a property under an HOA. However, it's important to remember the long-term impact of HOA fees, too.
Read on to learn more about the benefits that come from HOA fees.
Increased Curb Appeal
There are tons of HOA benefits that shouldn't be overlooked, and one of them is increased curb appeal. While rules and regulations play a big role in overall yard management, those HOA fees help, as well.
HOA fees cover the cost of landscaping common areas like parks and public pavement strips. This ensures that the entire neighborhood looks clean and makes a great first impression.
The condition of your home isn't the only thing that impacts property value. Today's buyers are just as interested in purchasing a home in a great neighborhood as they are buying a turnkey property.
HOA fees make it possible for communities to have neighborhood amenities like pools, clubhouses, dog parks, and even golf courses. An investment in your HOA can improve your property valuation when you're ready to sell.
As the climate continues to shift, Del Mar residents have reasonable concerns regarding neighborhood damage. High winds can take down trees and pools can sustain damage in floods and thunderstorms.
HOA fees often cover insurance for shared amenities in addition to other maintenance costs. Paying toward neighborhood amenities ensures that whether they need small repairs or huge renovations, the funding and insurance are there.
Improved HOA Management
How well your HOA uses HOA fees will come down to how strong its internal management is. Because HOA boards are typically made up of homeowners who have other jobs and no professional community management experience, it can help to bring in a third party.
When managed properly, a small portion of HOA fees can cover the cost of HOA management. By bringing in professionals, you can enjoy all the latest HOA technology and see better, more efficient community representation. In other words, those HOA fees will accomplish everything they should and then some.
Don't Turn Down Properties with HOA Fees
While buyers are still facing challenges in Del Mar, there are some changes in the market that can work in your favor. When you're searching for the perfect investment property or personal property, don't turn down homes with HOA fees. As you can see, an HOA fee can work in your favor when handled well.
Does your HOA need a boost? PMI Del Mar offers years of experience that will help your HOA reach its full potential. Contact us to learn more about our services today.