Investing in real estate is one of the best ways to increase net worth. That's why it’s so important for board members to keep in mind the best ways to increase the resale value of the homes within their community. All too often, board members focus on saving money at the expense of keeping their community in good shape—and all too often, this deferred maintenance results in capital projects that end up costing more, as well as lower resale values for homeowners who put their units up for sale. Here are the top 10 ways board members can put homeowner assessments to good use to help maximize resale value for their community.  

Enhance Curb Appeal: It’s very important for associations to maintain their community’s landscaping; having the grass regularly mowed and the landscaping beds weeded and filled with colorful seasonal flowers. In addition, if there are homeowners with their own separate landscaping areas, guidelines should be in place to ensure some level of aesthetic and maintenance consistency between all the owners.

Maintain Common Areas: Regularly inspect and maintain common area hallways and stairwells.  In addition, for larger scale HOA’s, ensure the community parks, swimming pools, clubhouses, and other shared spaces are kept clean, functional, and aesthetically pleasing.

Upgrade Amenities: Adding new amenities can also attract potential buyers—so when funds are available, don’t hesitate to invest in upgrading meeting spaces, party rooms, and recreational facilities like playgrounds, tennis courts, and fitness centers. 

Improve Security: Enhance security measures by upgrading or installing gated entry systems and surveillance cameras. Upgrade intercom systems with video cameras if possible, and improve overall safety by ensuring that courtyards, parking lots, sidewalks and pedestrian crosswalks are well-maintained and properly illuminated.  

Promote Community Engagement: Organize regular community events and social activities to foster a sense of belonging and community spirit. Hold annual meetings in a restaurant or in a location where food and drinks are served to ensure high attendance, and make a point to recognize those that have volunteered the most time and energy.

Enforce Community Standards: Establish and enforce guidelines for exterior improvements and maintenance to maintain a harmonious visual appearance throughout the community. Establish a committed architectural committee, and encourage active, engaged homeowners to participate. 

Collaborate with Local Businesses and Government: Partnering with local businesses to offer discounts or services to residents can also enhance your community's appeal. Invite the local alderman to speak at an upcoming board meeting or annual meeting.  

Embrace Technology: Technology and software for HOA management can help streamline operations and improve communication with residents, encouraging homeowners to participate on the board and making board meetings more effective, efficient and productive while allowing homeowners to participate in meaningful ways.

Capital Improvements & Infrastructure Investment: Invest in infrastructure improvements such as roads, sidewalks, and lighting to enhance the overall quality of the community. Ensure capital projects are addressed in a proactive manner and avoid deferred maintenance as much as possible. Build the reserves and raise assessments regularly so funds are available when the time comes to take on the capital projects and improvements.

Educate Homeowners: Inform homeowners about the benefits of maintaining property values, such as increased resale value and improved quality of life.  Explain that it is in everyone’s best interest to regularly raise assessments and fund the reserves so that when the time comes for the owners to sell, they’ll maximize their value.  

As a board member of a community association such as a condo, townhome or HOA, maximizing the resale value of the units is an extremely important part of your role. Homeowners invest a significant amount of money to buy into their community, and they want to get a significant return on their investment when they leave. The aforementioned guidelines are a good way to ensure that.

Salvatore Sciacca is President and Founder of Chicago Property Services, Inc. & Executive Director of the Chicagoland Italian American Professionals. He may be reached at ssciacca@chicagopropertyservices.com.