Value Increases Following Major Repair Projects
Everyone knows that special assessment are the two most feared words in human history. Well, at least since the dawn of the condo age. While no one really wants to pay a special assessment for a large-scale project, there are many positive ways to look at how they are not only going to benefit individual owners, but the community as a whole.
Let’s count the ways that a large-scale project can add value to a community:
1 Knowing that your association and board of directors are looking after your best interests and are trying to maintain your community rather than ignoring any problems. Having a board that works tirelessly to preserve the
investment that the owners have made and that is willing to take action, make a plan, and complete a large-scale project is an asset to you and all of the neighbors in your community.
2 The community has a team of professionals that works with your board and management
correctly, ensure that the project is done well, on time and on budget.
3 Your community will look better. It will look fresh, modern, and well taken care of, instilling a sense of pride in your home and community and potentially even look better than the neighboring communities raising the market value of your home.
4 Living in a community that is well taken care of inspires owners to take more pride
in their personal space. We typically see owners wanting to “spruce up” their decks, join committees and help out around the property. Even if it is something as simple as picking up
trash off the ground people will have more pride in where they live. Projects such as these have a way of bringing a community closer.
5 A large-scale project adds protections to your personal items in your home. That old
siding that was leaking? Roof that was leaking and causing damage? Old plumbing that was
constantly failing or backing up? With these items now taken care of you have less chance that you will have an issue in the interior of your home.
6 As owners, you will have the added benefit that the master insurance policy will look at all community improvements as a benefit, with less losses caused by components that were
failing, the policy could likely see a decrease or better coverage.
7 Owners will have the relief in knowing that no matter the source of the special assessment, the foundation of community is going to be in a healthier condition (be it maintenance or financially related) a healthy community is a sign of happy owners.
8 Big projects can be a boon to that outdated landscaping as well. Landscaping can take a beating during a major construction project so many communities use this as an opportunity to provide a landscaping refresh. New, healthy plants bring happiness
to owners and while this may seem like a little thing, landscaping is a very big part of curb appeal and increased value of the community.
Large-scale projects in your community are temporary nuisances with a long-lasting positive effect. If your community must have or chooses to have a special assessment to complete a project. rest assured there will be a positive impact on the value of your community. Remember to build a fantastic team of professionals prior to starting any project and when the project is finished, take some time to
Investing in the Future:
14 Community Associations Journal | November/December 2018
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