How is your homeowners association holding up? Do you have buildings in need of repair? Has the HOA board set aside funds for inevitable future repairs? If you don’t know the answer to these questions, then it’s time to find out. Why? Because it’s the Board’s job to protect and maintain the association and keep it safe. Sometimes, the safety of lives is even at stake. You don’t want to wait for something bad to happen before taking action, like one homeowners association did in Florida. Read more in the article excerpt below.
You ran for the board on the platform of remodeling the clubhouse that has become outdated. What you haven’t shared with the members of the association is that your daughter is getting married next year and the clubhouse would be the perfect place for a reception.
There is often a member of the HOA board who doesn’t recognize that the Association needs help beyond what the Board can do on its own. Sometimes the hard part is convincing other members of the board to invest the time and resources available to hire a manager and how it will benefit the Association in the long run. So, what will help make your case when making the suggestion to hire a management company? We’ve spelled it out for you below.
Many homeowners associations operate on the fiscal year (July through June). If your Association is one of them then hopefully you have your new and improved budget ready to go because July is just around the corner.
As an HOA board member you probably know the basics of HOA accounting, and that the process is reversed from the typical American’s household budget.
Your association board is planning for the big project on the horizon, and is currently reviewing how to finance it. For several reasons, you don’t believe you’ll have enough funds in the association’s operating budget or reserves to cover the project’s entire bill. What should you do? Split the project up over several years, levy a special assessment, or maybe get a loan?
Finding a contractor who will perform quality work at a reasonable price can be a daunting task for any HOA board. It’s always a good idea to use contractor caution and ask for references, contact the Better Business Bureau and your state licensing bureau to see if there are complaints against a prospective contractor.
In addition, the following warning signs can alert you to unscrupulous, disorganized, inexperienced or financially troubled contractors who may deliver broken promises, bad work and blown budgets rather than professional results.
Being a volunteer board member is a big responsibility. There are decisions to be made, meetings to attend, budgets to build, and concerns to address. If your HOA board is at a place where members are feeling overwhelmed and over-committed, then it’s time to bring in some help.
Short term rentals have become a hot-button issue in HOA communities. More and more homeowners are choosing to rent their homes through sites such as Airbnb or VRBO as a convenient, low-cost way to earn additional income; however, the popularity of short-term rentals is raising concerns in associations and even opening them up to liabilities.
Do you live in a community where the HOA board is running its own projects? Are you feeling as if you’re not getting the proper information and updates about the project?
HOA managers are often the face of all projects and correspondence to the owners. This helps the membership to feel secure and helps ensure the projects are run in a professional and accurate manor.
When your community is recruiting new HOA board members, there are certain qualities to look for in prospective members and good strategies for getting these individuals involved.