When you think of a homeowners association, you rarely imagine a dynamic neighborhood that is open to change. In most cases, your HOA will try to keep things stable and safe for all residents. However, that may end up working against the community.
An HOA needs to bring in new residents every now and then to shake things up and keep the neighborhood fresh. This allows for fresh perspectives and a new influx of money. They can even improve property values through rental property inspections.
Here's why HOAs need new homeowners in their community.
Fresh Perspectives and Backgrounds
The first reason to bring in new members is that they bring different ideas than some of the current residents. You may find that community activities and volunteer opportunities stagnate if you constantly meet with the same people every year.
By bringing in fresh blood, you can ensure that the community becomes more diverse and participates in new events. You may also find that more diverse neighborhoods get more positive attention and bring in successful residents.
Financial Stability
An association manager must oversee day-to-day operations as well as ensure compliance. They must also maintain financial stability in the group through things like collecting HOA dues and budgeting.
However, you may struggle to collect enough money if you have empty homes in your neighborhood. A lack of a steady flow of income can cause the HOA to struggle with maintaining facilities and common areas.
When you bring in new homeowners, you bring in new income. You may also end up with a more diverse pool of workers, such as accountants, plumbers, and doctors.
Community Evolution
One of the worst things that can happen to a community is for it to stagnate and die. This can happen if all of your current residents are aging or creating an isolated neighborhood that discourages new homeowners.
Allowing your community to evolve means bringing diversity and renewal. It means new residents who will maintain their homes and potentially make them even better. You may also find that your streets become more colorful and full of life as the new residents participate in HOA meetings.
Incentivizes Rental Property Inspections
The last reason your association management should welcome new residents is because it can help improve property values. New buyers mean homes will get fixed up and kept better maintained. They'll look better from the street, and the neighborhood will look cleaner as a whole.
Most importantly, potential renters will necessitate rental property inspections to make sure the buildings are up to code and kept in good condition.
Improve Your Neighborhood
Factors like regular rental property inspections and budgeting all help to keep your neighborhood in its best condition. However, you'll need to bring in new homeowners at some point if you want to keep the area diverse and full of culture.
PMI Gulf Coast provides property management services you can trust in Naples and its surrounding communities. We primarily focus on supporting HOAs and short-term renters. Contact us today to learn more.
