Are you looking for ways to save money in your homeowners association? After necessary repairs and upkeep, it seems like there’s never enough dollars to get all the jobs done. Your fellow HOA board members all agree that a last resort is raising monthly dues, so instead, consider some of these unique ideas that both help enhance the Association and get members involved too.
As a volunteer member of the Board of Directors, you have the opportunity to help the homeowners in your community through issues that impact one of their biggest investments. Unfortunately, at times, owners forget that you are a volunteer of the Board and not a full-time employee. It’s very important to set boundaries with homeowners and fellow HOA board members on the appropriate time to discuss HOA related issues and do HOA related tasks.
You’ve been the treasurer of your homeowners association for 8 years, and have continually warned your fellow HOA board members that without saving for reserves they’ll be headed for real trouble - and now that day has come.
You’ve been elected as Board President and face two large special assessments back to back within the next two years. There’s no way around them. The pavilion, signs, tennis courts and other assets are all shabby, outdated and on the verge of becoming hazards. These projects must be done for safety reasons. Not to mention they make the Association look like an uninviting place to live.
Some associations have extra space for various amenities. Some have parks, tennis courts, or even lakes and water features. One amenity that’s a feature in some associations is playgrounds for children. There are many different types of playgrounds and play apparatus for associations to choose from. Whether your association has had a playground from the beginning or it’s considering the addition as a capital expenditure, there are certain things an HOA board should keep in mind.
More often than not, sitting down to review your HOA reserve study can be about as easy to understand and enjoyable as sitting down to review the U.S. Tax Code. Just reviewing your reserve study is not enough. As an HOA board member, you’re responsible for using that study to plan for, allocate, adjust, and collect reserve funds accordingly.
Here are some ideas to help you interpret your association's reserve study, and put it to good use so that your HOA can pay for what your community needs to keep it in good repair, easy on the wallet, and lovely to live in...today and in the future.
There's always work to be done, especially in a homeowners association. It’s crucial that an HOA Board plan for general, ongoing maintenance and upkeep. This is important in order to keep the Association a safe place to live and keep it an appealing place to live. Members don’t want to live in a run-down neighborhood and potential buyers won’t give an Association a second look if it’s unkempt, dirty or in disrepair.
Is your board constantly faced with residents who don’t pay their monthly HOA fees on time?
As a member of your homeowners association, when you bought a home in your community, you should have received copies of all the Association's governing documents—including the Covenants, Conditions and Restrictions (CC&RS) and Rules & Regulations—prior to or at the closing of escrow. The CC&Rs explain what the homeowners association is responsible for and what the homeowner is responsible for.
Whether you’re a resident of a homeowners association or a Board member looking for ways to encourage residents to get involved in their community, here are some great tips for being an active member of your Association and enjoying the place where you live.
If your homeowners association property has been damaged in a natural disaster—hurricane, tornado, flood, earthquake or fire — there are some important steps you can take in the immediate aftermath to ensure your safety and minimize financial loss.