Financial Management

2
Nov

Budgets, Reserve Studies, and the Board’s Obligation to Maintain Common Areas

The preparation of the Association’s annual budget and updated reserve study are critical tasks to ensure the proper funding of operational expenses, proactive repairs, and replacement of aging common area elements. One of an Association Board’s primary responsibilities is to properly maintain the Association’s common areas, including community amenities, and an adequately funded budget is essential to meet this obligation.

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17
Sep

Associations Have Right to File Lien

I was contacted by my mortgage company that my homeowners association filed a lien on my house for outstanding assessments. I never even received a notice from the HOA! Admittedly, I fell behind on my HOA assessments after I was laid off from my job, but is it legal for the HOA to lien my house? Wouldn’t there be a

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27
Aug

Tips to increase your HOA value

There is obviously very little I can do about the recession and depreciating home values, but are there things that I could be doing, or our neighborhood can do to increase the value or appeal of our community? How can we set ourselves apart from all of the other communities through the valley? David B. Home values are on everyone’s

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24
May

A few tips for how to look at a prospective HOA

DR. HOA, I am in the market to purchase my first condominium, and I am nervous after hearing horror stories of associations not maintaining buildings and outrageous special assessments. What should I be looking for to ensure that I make a good investment? —Amy H. Hello Amy, I applaud your due diligence prior to purchasing in a condominium association. All

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14
Mar

HOAs can avoid special assessments

Dr. HOA, I was recently elected to the board of directors for my condominium association. I ran for the board after our association had its second special assessment in two years. The first special assessment was for new roofs and this year’s assessment was for painting the buildings. What can our new board do to avoid these types of special

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29
Feb

Rapid rise in homeowner fees hits communal nerve

Dr. HOA, I have lived in my HOA for nearly 10 years, and the monthly dues have never gone up. Recently, a new board of directors was elected and we received notice that dues were going up almost 18 percent. To make matters worse, the landscaping looks terrible, and the clubhouse is run down. The nerve of this new board

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27
Oct

How homeowners can keep oversight on associations

Dr. HOA, I live in a homeowners association consisting of several hundred single-family homes. I am concerned because our dues have increased substantially in the past year, and I get the feeling that the association is being mismanaged by the board of directors and/or the current management company. What type of homeowner oversight is typical for associations, and what tools

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