How To Maintain Property Values and Increase Desirability
For some buyers, resort-like amenities are an essential part of the lifestyle when looking to purchase a property. Along with spacious common areas and inviting guest areas, owners are seeking comforts and lifestyle features when choosing where they want to live.
In this atmosphere, boards are faced with the challenge of how to maximize value of their community, while maintaining a fiscally stable budget. If you are a board member, there are steps you should consider to improve your community’s services and your fellow members lifestyles. Despite the age of your community, capital improvement and amenity enhancement planning can increase the appeal of your association to prospective buyers and maintain or increase your property values for years to come.
As a board member, you may have heard from fellow members about the kinds of amenities they would enjoy. It is also possible that you have an idea of the type of enhancements that your association should begin planning and funding.
Many associations are adding or upgrading fitness centers to create state-of-the-art workout spaces that rival some of the best local health and wellness gyms. Along with resort-style swimming and infinity pools, BBQs, firepits and outdoor entertaining areas help to maximize the lifestyle amenities that bring value to associations.
Other features for example, can be created with no more than simple homeowner participation such as starting a wine-tasting group, poker night and other social clubs that could be attractive to many current and potential owners. Some of these events could even be sponsored by local restaurants, bars and wineries or distilleries.
More suburban communities are beginning to cater to pet owners by creating dedicated common areas and dog parks to allow owners to co-mingle with each others pet in a relaxed and inviting atmosphere.
As more people begin looking for greener and more ecologically minded communities, association are beginning to include charging stations for electric vehicles, along with solar systems prudent energy saving measures. This is specifically important with condominium, co-op and high-rise associations in which owners do not own a personal garage or carport and would not otherwise be able to install a charging system for their vehicle.
To decide the right enhancements that will keep your property sought after, you should review what other similar communities offer and what is available in the marketplace. You should also know what your fellow residents and prospective owners prefer. In the end, your choices should promote the kind of culture and lifestyle you want to embrace within the community.