Property value in New York has gone up more and more in the last few years. In Suffolk County, the median home value went from $470,000 in 2020 to $561,000 in 2022.
For those of you who own homes in this area, you may be wondering how you can maintain this new property value. Well, one way to do this is to hire a home owners association management services manager.
What can a Long Island property management company do for you? This guide goes over some of the biggest benefits.
Handling Maintenance Needs
The first thing that an HOA manager could do for you is take care of all of your maintenance needs. This means developing relationships with local vendors, coming to an agreed-upon price, and being the person who calls them when your HOA needs maintenance for something.
The HOA manager also has to perform routine inspections to determine what may need immediate maintenance. This could be roof damage that some houses suffered from a natural disaster, common areas that need updated equipment, new safety mechanisms to make your community more pleasant to walk around, and more.
Essentially, this is the person that is going to stay on top of maintenance inspections and the person that will call a vendor to come in and perform that maintenance.
Handling Budgets and Fees
Going off of the above, maintenance needs will cost your HOA money and the manager needs to make sure that your HOA has the funds for these needs. What they will do is sit down and go over the fees that you currently collect and the expenses that you anticipate having.
The HOA manager may discover that there is not enough money to keep up with routine maintenance. If that happens, they can be the person that proposes a budget plan to change this.
For example, it's recommended to dedicate 1% of the home's value annually towards maintenance needs. So, if your HOA has homes that are valued at around $470,000, an HOA manager may suggest making sure there is at least $4,700 per homeowner to cover those expenses.
You can also add in any expenses that it takes to maintain the common areas. An example could be if your HOA has a community pool, you may want to budget a salary for a seasonal lifeguard.
Find a Home Owners Association Management Services Manager
These are two of the key benefits of having a home owners association management services manager. This is the person that can help you come up with an appropriate budget for your HOA. This includes keeping track of what expenses your HOA has along with any fees that you currently collect.
You would also have someone that can look after all of your maintenance needs. This includes performing routine inspections and developing contacts with local vendors.
Do you want to know more? Message our New York property management company here for more information.