Unlocking value by tackling deferred maintenance and turning dated exteriors into Park Meadows gems
The Opportunity
The 52 townhomes in Fairway Village were built in the late 1970s/early 1980s and, by 2015, not only suffered from many years of deferred maintenance, but also an overall “dated” appearance with not so pretty siding patterns, garage doors, house numbers and sconces. Instead of continuing to replace rotted siding boards here and there with a patchwork of paint touch-ups, Model HOA saw the opportunity to overhaul the entire aesthetic of the neighborhood by completely re-designing the exteriors.
The Process
Model HOA led a multi-year project which included:
- Working with an architect and designer to re-design the building exteriors with a fresh modern aesthetic.
- Bidding out the project to multiple contractors to obtain the best pricing.
- Securing a low interest rate loan for the Association to finance the capital project.
- Spearheading the owner communication and coordination for design reviews, special assessment voting, project timelines, and punch list completion.
The Outcome
Instead of being the “eyesore” townhome along the golf course in Park Meadows, Fairway Village is now a highly sought after community because of its prime location and attractive aesthetic.
Pro Tip
When embarking on large HOA capital projects, take the opportunity to increase property values by exploring alternate designs and building materials instead of simply replacing like with like.