Have you ever driven through a neighborhood and notice how run down it looks with unkempt yards, peeling paint on structures, and bumpy roads? It's unappealing to potential buyers and frustrating for homeowners.A homeowners association will always need maintaining, and it's up to both the HOA management and Board Members to prepare for ongoing and unexpected maintenance. Maintaining a homeowners association may include:
Repairing structures, such as patching damaged roofs or siding
Common area landscaping, such as mowing the lawns, maintaining gardens and trimming bushes
The Reserve Study
It's crucial that the Board of Directors conducts a reserve study. The reserve study, usually done by a reserve specialist, is a budget planning tool that helps identify the current status of the reserve fund, which helps to offset major expenses in common areas of the homeowners association.
When an HOA Board has a reserve study to reference, they can make incredible strides in maintaining their community at its healthiest level. Unfortunately, the a Board refuses to trust in or even do a reserve study, it ultimately creates larger neglected maintenance issues and increases in assessments to the entire homeowners association community.
Reactive to Proactive
It's helpful to have a maintenance plan to keep things running smoothly in the Association to avoid financial hardships. The goal should be to get your HOA from a reactive status to a proactive status by evaluating the exposure to risk, knowing the areas that have ongoing maintenance requirements, keeping an accurate maintenance log, and reviewing the reserve study each year.
A maintenance plan can help HOA management – including the property manager and Board of Directors – understand the ways to properly maintain the common components of a homeowners association. This will hopefully help extend the life of the facilities and reduce HOA fees for members.