Reserve Fund – How to Get Community Support

Your association’s reserve study is complete.  You have identified the useful life, replacement costs and any significant repair costs for each common component owned by your community.  Based on this information, you have identified what amount you will need to collect each year from homeowners.  However, your bylaws require that increases in assessments must be approved by the majority of households.  So now what?

You will need to gain support for increased assessments in order to fund your community’s reserves.  This can be a challenge for small, ...

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Condos & HOAs: Reserve Now or Pay Later

Overseeing the community’s finances and developing budgets that enable the community to maintain and preserve market values of both the residential and common area property are important responsibilities of the association’s Board of Directors. A funding plan for the future repairs or replacement of major common area components (e.g. swimming pools, asphalt surfaces, concrete areas, roofs, car access gates, monument signs, etc.) is a very important part of the overall financial management of an ...

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Hidden Fees of Management Companies

How to Spot Them — And Avoid Them

Your HOA condo Board has been looking to hire a new management company, and the one they’ve chosen sounds perfect. They like the community manager, the company has a good reputation and the quoted annual rate is well within your association’s budget — but six months later, the association  is several thousand dollars in the hole and there’s a special assessment coming.

What happened?  Turns out the management company’s great ...

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