When Is the Right Time to Renovate Your HOA?
Renovations can be a big decision depending on the size of your HOA community because upgrades can offer multiple improvements like property value increases. You have to consider what needs to be upgraded and your tenant's needs to ensure that you choose the right time to get the work done.
There are a few essential points to consider as to when upgrades need to be completed, and here they are.
Is the Community Looking Worn Down?
The way your community looks is a direct reflection of your HOA property, and a good first impression can make all the difference with new tenants. If you can look at your property and see that there are things that need to be upgraded with HOA exterior maintenance, you can know that in most cases, this is what others are thinking too. Comparing your unit to other nearby properties and taking into consideration the last time any major repairs were done can give you an indication if it is time to do a renovation.
Is Energy Efficiency a Concern?
In some cases, renovations aren't about the aesthetics of the property, and if you are finding utility costs are rising for your tenants, this may be an indicator there needs to be an upgrade. Outdated windows or a sink that leaks water can make a difference in the monthly bills for yourself and your tenants, so keep this in mind as you are considering your options.
Are Repairs Happening More Often?
In many situations, the property might still have excellent curb appeal and aesthetics, but if you are getting more repairs needing HOA maintenance, particularly ones that are emergencies, you may need renovations. Items like fixtures and heating and cooling systems will slowly degrade over time, so an upgrade might be the right choice.
Are You Looking to Increase the Property Value and/or Fees?
One of the last reasons to consider renovating is if your property value has gone down. Several factors will influence the value, including location and demand for your market, and implementing renovations can increase the overall value and make it more appealing for new tenants.
Work With HOA Capital for Professional Lending Services
When it comes to renovations, you need to know that you have the funding in place to get the job done correctly and efficiently. HOA Capital Is here to offer you professional experience that you can count on with our HOA lending options.
We work hard to create a streamlined plan based on your needs and specialize in HOA management services to guide you through the steps.
There is no need to worry about getting the upgrades completed because we are here to help, so contact us today or call us at 952-836-9593.