Although property values in Michigan have taken a beating, there are still a lot of things about which members of community associations can be optimistic. More than 80% of new housing is part of a community association, which means that they continue to provide good value for home buyers. In fact, associations that are in good physical and financial condition help keep their members’ property values higher. This requires a commitment to the following:
- A consistent preventive maintenance plan. Many communities have deferred maintenance items in an effort to save money, and the physical effects are apparent to buyers. If you have resisted this temptation, your property values should reflect it.
- Adequate reserve funds and a good community-wide payment history of fees. With new regulations for federally-backed loans, lenders need to look more closely at these areas than ever before.
A healthy association will prove a more attractive option for buyers in the fiercely competitive housing market. Is your condominium association or HOA doing what is necessary to enhance property values and attract buyers?
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