10 Popular Capital Improvements for HOAs
A capital improvement is considered an addition or alteration that will enhance the property's value. It can also be identified as something that will improve the strength or quality of the area, and this can be done through upgrades or modifications.
If your residents desire some new assets added to the property, here are a few examples that can be installed that would be considered acceptable.
1. Sporting Options
In the last few years, one option that communities are opting to add to their property is pickleball courts. And if pickleball is not the first choice, in most cases, some form of sports-related edition may be welcome, including basketball or tennis courts.
2. Play Areas
Other capital improvement projects could also be adding a playground to the property. Whether there is already one on-site or you are looking to build one from the ground up, these can offer an opportunity for families to gather and create more enjoyment for the individuals who live there.
3. Enhanced Security
Many HOA communities worldwide can be found with gates or security systems in place to help keep the residents safer. If your community is without this asset, it may be time to consider installing a surveillance system because it can offer peace of mind and lead to happier residents.
These extra structures are a great addition because they offer multiple benefits to the HOA community. Not only can they be utilized for Individual or community gatherings and celebrations, but they can also be turned into workout areas or a quiet place that can be enjoyed by the residents that live there.
The clubhouse can even be utilized as a source of extra income by renting out the facilities to outside parties.
5. Pet-Friendly Areas
Individuals love their pets, so one thing that can also be implemented is to create a designated off-leash dog park that can allow their pets to get exercise and run.
It can also be welcome to develop hiking trails or stations for waste to encourage a wider variety of residents to live there.
Another popular choice is to have a pool installed for the community. The pool is a great way to allow additional relaxation socializing and offer another method for individuals to get exercise. In addition to this, installing a pool can also help attract potential residents by having this extra amenity to enjoy.
Typically, you will want to repaint your community every seven to 10 years, but this can vary depending on the level of wear and tear. Painting can fall into a middle ground as a capital improvement, and could qualify if it is a major exterior or interior project.
Keeping the property updated can help it stand out, so choose a color scheme that helps make the contrast pop and works well with the landscaping colors.
8. Landscaping improvements
In most cases, there is always room for improvement, especially in a strong real estate market. The right landscaping can make your association more beautiful, look current, and foster a welcoming feeling.
Updating your walkways not only help create a safer living environment for your homeowners, you can enhance the landscaping with environmentally friendly options, and create a beautiful common area for the homeowners to enjoy.
9. Energy Efficient Upgrades & Deferred Maintenance
Being energy efficient is at the top of the list for many individuals, and adding eco-friendly replacements can be considered as capital improvements. Being as energy efficient as possible can help lower the overall cost for the homeowners.
Here a few additions to consider:
- Affixing solar panels to the roof
- Adding a solar water heater if your community has a pool
- Adding energy-efficient appliances, including HVAC systems, to the structures
- Investing in energy-efficient windows
Differed maintenance is not the most fun to talk about, but is beginning to get addressed by Boards across the country. This is something, in some cases, affects the safety of the community’s residents, aesthetics of the community and now has legislative attention. Most HOA’s are underfunded and cannot take these projects on, looking into an HOA loan may be the best solution to addressing these issues.
10. Repaving Roads
How long the roads inside your association last will depend on many factors, including how busy the area is and the material used. Resurfacing is typically a simple technique that can help extend the life of the roads in the HOA, making them a safer space for your homeowners.
If the area has sustained a large amount of damage from wear and tear, it is also a faster and cheaper option than replacing the entire street from the ground up.
HOA Capital: Loan Services Made Easy
Keeping the residents happy in an HOA community is providing them with amenities that they truly enjoy and look forward to using. If you are considering upgrading the property but need some extra funding, HOA Capital offers a streamlined process to get you the HOA loan you need.
We have years of experience in the business and are experts in HOA management solutions, and we understand what HOA maintenance requires.
We want to create a plan that will ease your stress through the process, so give us a call at 952-836-9593 or contact us online today.