Condo Q&A

How do HOA property investments increase condo value for owners?

Written by CondoAssociation.com | Thu, Apr 15, 2010 @ 10:10 AM

I'm looking for ideas on how to determine real estate value of existing and new amenities at my condo in VA area of Washington DC. 

I know it varies by state and all, but I'm hoping that by including some new and updating some of our amenities at least we can help to compensate for the fact that our monthly condo fees are a bit over market average and with no way to push them down.

We have a major $1M building renovation underway so I figure another $100K would be a good investment and since it'll be absorbed into the total debt. Here's some of the things on my mind which are of likely interest to our market (single & couple young professionals, young couple with 1-2 kids under 3).

  • Add a jacuzzi to our spa area (already wired) 
  • add outdoor rooms with nice grill/fireplaces and pergolas (grills are banned on the individual patios)
  • fenced dog run 
  • convert overgrown tree areas with drainage problem to a nature walk with waterfall 
  • replace pathetic 1 swing/slide tot lot with a new fancy one with cool things
  • add a new modular building to serve as an exercise room, community room, on site management office

Suggestions on how to help value this so my condo association board of directors can understand that these do add value even if they personally won't use each. Thanks

Learn about HOA loans