When purchasing a home in a community governed by a Homeowners Association (HOA), understanding the intricacies of HOA fees is crucial. These fees play a significant role in maintaining the community’s aesthetics, services, and shared amenities, but they can also impact your monthly budget significantly. To help navigate the nuances of HOA fees, we’ve gathered […]
What Your Condo Fees Actually Pay For
If you live in a community of single-family homes, you might find yourself paying monthly or annual homeowner’s association (HOA) fees. If you live in a condominium community, you’ll instead be on the hook for condo fees. While the two fees aren’t totally interchangeable, they do serve similar purposes, and they can add — sometimes […]
Suit against Martin’s Landing directors alleges misconduct in $1.1 million vote (GA)
The owner of the Lake House at Martin’s Landing is suing more than a dozen homeowners association board directors over how they allegedly conducted a vote on a $1.1 million special assessment. The assessment, for renovations to the 50-year-old neighborhood pool, will charge nearly $600 to each of the community’s some 1,900 homeowners, according to […]
Tips for Budgeting in HOAS and Condominium Associations (FL)
Creating a budget is one of the primary and most important functions that any community association board does during its tenure. The budget will serve as the guideline to determine the dollar amount owners are charged to live in their communities. There are differing obligations to consider when budgeting for a Homeowners Association (HOA) versus […]
How much do HOA Reserve Studies cost?
As a board member of an HOA or condominium association, ensuring the financial stability and longevity of your community’s shared assets is a great responsibility. One crucial tool in achieving this goal is a reserve study, which helps you plan and budget for future repair and replacement costs of common area components. The cost can […]
What Does Fully Funded Reserves Mean?
Managing finances in a homeowners association (HOA) often feels like walking a tightrope. You need enough money saved for emergencies and future repairs, but figuring out just how much is enough can be tricky. One term you might have come across is “fully funded reserves,” but what does it really mean? According to the National […]
How Much Should An HOA Have In Reserves?
Deciding on the right amount for an HOA to hold in reserve funds can be tricky. Many boards struggle with finding that sweet spot—too little and they risk not covering future expenses, too much and they may overburden homeowners with fees. Read the article…………………………….
Top 7 Tips for Reducing Maintenance Costs in HOA Communities
Managing an HOA budget is like walking a tightrope. You must balance quality services with reasonable costs, all while keeping homeowners happy. Sound overwhelming? Don’t worry—we’ve got you covered! Here’s how you can fine-tune your community’s expenses without sacrificing what makes it unique. Read the article…………………………….
The Three Key Elements of Properly Noticing a Special Assessment Meeting (FL)
Special assessments are becoming more and more common in community associations. As the frequency of special assessments increases, so does the possibility of delinquencies in payment of the special assessments. A crucial element of collection of a delinquent special assessment is proving that the special assessment was properly adopted at a properly noticed board meeting. […]
The Three Key Elements of Properly Noticing a Special Assessment Meeting (FL)
Special assessments are becoming more and more common in community associations. As the frequency of special assessments increases, so does the possibility of delinquencies in payment of the special assessments. A crucial element of collection of a delinquent special assessment is proving that the special assessment was properly adopted at a properly noticed board meeting. […]
‘It’s excessive’: Miami condo owners slapped with shocking $21 million special assessment fee for repairs to their 16-year-old buildings…….. $40,000+ (FL)
A $21 million special assessment fee has outraged residents of two 16-year-old buildings at 1060 Brickell in Miami, Florida, with some unit owners facing individual bills exceeding $40,000. “I think it’s excessive,” resident Nima Mahdjour told CBS News. “I feel like I’m being milked.” A special assessment fee is paid by condo owners on top […]
Creative Ways For Co-op and Condo Boards to Balance Their Budgets
In their quest to balance budgets, many co-op and condo boards rely, with reluctance, on one of two unappetizing options: raising monthly charges or levying an assessment. But there are more palatable ways for boards to balance their budgets. Read the article…………………………….
$600K HOA fees class action settlement (MD)
A $600,000 class action settlement resolves allegations that Small Community Specialists, Associations Inc. and HOAM Ventures charged Maryland consumers fees to make online payments for homeowners association dues and other expenses. The HOA fees settlement benefits Maryland consumers who paid a fee to Small Community Specialists, Associations Inc. and HOAM Ventures for HOA dues, condominium […]
HOA Special Assessments: Planning, Communication, and Payment Strategies
HOA special assessments represent a critical funding mechanism that homeowners associations employ to address significant community needs beyond their regular operating budgets. When existing reserve funds prove insufficient for major repairs or vital community improvements, these special assessments become essential tools for maintaining community standards and protecting property values. The implementation of effective payment plans […]
Essential Budgeting Strategies for Community Associations
Budgeting is one of the most critical responsibilities for community associations, as a well-constructed budget provides the backbone for financial stability and operational efficiency. Thoughtful budgeting helps maintain property values, ensure smooth operations, and foster a harmonious community. Below are best practices and strategies to help your association create and manage an effective budget: Read […]
Budget Season is Approaching (FL)
If your condominium association has a fiscal year that follows the calendar year, it is about that time of year to begin thinking about next year’s budget. The Budget and Reserves Manual from the Department of Business and Professional Regulation, Division of Florida Condominiums, Timeshares and Mobile Homes recommends that associations start gathering information to […]
Annual Budget Planning for Condominium Associations
Annual budget planning is one of the most important tasks for a condominium association. A clear, well-thought-out budget ensures the association can cover its ongoing costs, plan for future needs, and maintain financial stability. Read the article…………………………….
Annual Budget Planning for Condominium Associations (IL)
Annual budget planning is one of the most important tasks for a condominium association. A clear, well-thought-out budget ensures the association can cover its ongoing costs, plan for future needs, and maintain financial stability. Read the article…………………………….
Balancing Increasing Assessments and Saving for Reserves in Associations (IL)
As associations navigate the complex landscape of property management, two pressing issues often take center stage: the need to increase assessments and the necessity of building adequate reserve funds. Striking the right balance between these two priorities is essential for the long-term health and stability of the community. Read the article…………………………….
Assessment Limitations – 20% (CA)
Boards are required to levy assessments sufficient to perform their duties. This legal duty falls on board members, not the membership. Notwithstanding, more restrictive limitations placed on the board by the governing documents, the board of directors may increase regular assessments by up to 20% of the association’s preceding fiscal year without membership approval. The […]
Budgeting for 2025 (AZ)
Associations should be working on their 2025 budgets! There are several things for Associations to consider when starting the budgeting process, especially if there have been significant changes in the community or if the community has undergone financial hardship. Read the article…………………………….
Here’s What to Avoid When Preparing Your HOA Budget
Budget season is here for HOAs, and it’s essential for board members to take a careful and strategic approach when planning next year’s finances. A well-prepared budget ensures that resources are allocated effectively, operations run smoothly, and both routine and unexpected expenses are covered. However, many HOA boards make some common mistakes during the budgeting […]
Common HOA Budgeting Mistakes & How to Avoid Them
While homeowners’ association (HOA) board members have a duty to manage funds responsibly, a lack of planning can lead to poor budgeting decisions and financial consequences. Even with the best intentions, a board member’s mistake can mean higher assessments, underfunded reserves, and missed community enhancements. Read on to learn more about budgets and tips on […]
Charging Special Assessments: Key Considerations for Condominium Boards (IL)
Special assessments are often necessary for covering unexpected or large-scale expenses, such as major repairs, improvements, or emergency costs. However, handling these assessments effectively is critical to ensuring fairness and maintaining financial stability for your association. Here are some key considerations for condominium boards when charging special assessments. Read the article…………………………….
Navigating Special Assessments in Florida Condo Associations
Special assessments are a critical tool for condo associations to fund major repairs, improvements, or unexpected expenses not covered by regular dues. Understanding the legal framework and procedural requirements for imposing special assessments in Florida is essential for board members and property managers. Read the article…………………………….
Condo Association and HOA Budgeting Best Practices in Florida
Budgeting is a cornerstone of financial management for condo associations and HOAs in Florida, ensuring sufficient funds for ongoing maintenance, repairs, and community improvements. Adopting best practices in budget preparation and management is essential for board members and property managers to promote financial stability and meet the needs of homeowner Read the article…………………………….
How HOAs Can Tackle Rising Expenses Today
Economic downturns, such as inflation and supply chain issues, can pose significant challenges for HOAs. Rising costs can strain even the most well-managed communities. To ensure your HOA remains financially sound, a strategic approach is essential! Read the article…………………………….
10 Money-Saving Strategies for Your HOA
Saving money is a pretty admirable goal, especially in today’s challenging economy. Every dollar you save in an HOA helps avoid higher assessments, which means more money for your association. And when it comes to saving, going with the budget flow might not help you save enough.However, thinking outside the box rather than following the […]
Overview of Special Assessments in Condominium Associations (IL)
Navigating the complexities of condominium living in Chicago includes understanding special assessments, an important aspect of financial planning for condominium associations. Whether you’re a current condo owner or a prospective buyer, this article will help you understand why special assessments are sometimes necessary, how they are implemented, and their impact on your investment. Read the […]
How Do Condo Associations Handle Regular Maintenance Costs? (FL)
Owning a condo has its perks—shared amenities like a sparkling pool, well-kept landscaping, and maybe even a gym, all without lifting a finger. But have you ever stopped to think about how all those maintenance tasks get paid for? Let’s dive into how your condo association manages these costs, keeping everything running smoothly behind the […]
Assessments and Fees: What Homeowners Should Know About HOA Finances (AZ)
For Arizona homeowners, understanding how their Homeowners’ Association (HOA) handles assessments and fees is crucial for both financial planning and maintaining harmony within their community. These payments play a vital role in the upkeep of shared spaces and amenities, as well as ensuring the neighborhood runs smoothly. However, it’s equally important for homeowners to be […]
The HOA Treasurer’s Guide: Roles, Responsibilities & Best Practices
Unlock the secrets to effective HOA financial management. This guide covers the HOA Treasurer’s role, responsibilities, challenges, and best practices. A must read for aspiring, new, or current Treasurers. Read the article…………………………….
Understanding HOA Fees and Assessments: Managing Your Finances in an HOA or Condo Association in Florida
Living in a homeowners’ association (HOA) or condo association in Florida comes with financial responsibilities, including regular fees and assessments. Understanding these financial aspects is crucial for homeowners to effectively manage their finances within the association. In this blog post, we will delve into the intricacies of HOA fees and assessments in Florida, providing you […]
The Best Ways to Locate HOA Grants for Your Community
It can be particularly difficult to manage funds with high inflation and prices. Extra help like HOA grants can be especially beneficial. Additional assistance, such as HOA grants, can be quite helpful. Grants offer financial aid that can help cover costs for various community improvements without increasing HOA fees. Read the article…………………………….
Beginner’s Guide to HOA Finance, Budgeting, and Accounting
When managing your community’s funds, it is important to understand the accounting process used by your management company. This guide will assist in some basic accounting terms as well as outline some concepts used by HOAs and HOA management companies. Read the article…………………………….
Not So Special Assessments
We’re not going to start this blog by reminding everyone of the Surfside Condo collapse in 2021, the legislature’s statutory changes to improve condo safety, or the anticipated effects resulting from those new laws. One of the things that we expected to happen was a substantial increase in condominium special assessments as condominium associations went […]
Tips for Sticking to Your HOA Budget When the Unexpected Happens
Most of the time, sticking to an HOA budget isn’t difficult. After all, most associations face generally the same expenses every year and they have ample notice when prices are rising or something else is going to change with how they spend their money. Sometimes, though, emergencies come up. If this is happening to you […]
Financial Responsibility in Your HOA
Sometimes, the stars align and everyone agrees about who should pay for what in an HOA. More frequently, though, people disagree about whose finances should cover what. This is particularly true when homeowners think that the HOA should cover a cost and the HOA thinks that the homeowner should cover it. Read the article…………………………….
When Should HOA Special Assessment Be Levied?
If you live in a planned community, there is a possibility you are part of a homeowner’s association (HOA) which requires members to pay fees. The regular dues cover the daily operations of the association, such as simple repairs. However, there are moments when these dues won’t cover all the expenses. For example, when unexpected […]
Mastering HOA Financial Management A Comprehensive Guide
Mastering HOA financial management is a pivotal skill for any HOA board, yet it’s often overlooked or misunderstood. In the intricate world of community associations, what might seem like regular neighborhoods on the surface actually operate with the complexity of businesses. This underlines that financial management is a critical component of running a successful community […]
Understanding HOA Fees and Finances: What Homeowners Need to Know
Learn about HOA fees, financial structures, and reserve funds. Get insights into how fees are determined and managed for your community’s financial health Read the article…………………………….
I Don’t Need a Budget Oh Yes You Do! (CA)
HOW IMPORTANT IS a budget in operating a business? (And yes, HOAs are businesses. They are non-profit corporations licensed in the state of California.) The importance of a working budget and its implementation can be measured by the health and happiness of the homeowner’s association. Read the article…………………………….
Financial Pitfalls Following Developer Transition (CA)
EVERY DEVELOPMENT GOES through a transition where the original developers hand over the management and operations to the homeowners. Such a transition will include the finances of the association. Here, we focus on an association’s legal obligations, but also offer real-life advice from a professional manager experienced in turning over a community. Read the article…………………………….
How to Communicate Condo HOA Dues Increases and Handle Homeowner Concerns
Increasing Condo HOA dues is never an easy decision, and it can often lead to concerns and resistance within the condo community. Condo owners may worry about the financial impact and question the necessity of the increase. Addressing their concerns and being transparent about the reasons for the increase can foster a sense of trust […]
Why Arizona homeowners may have higher HOA dues
A growing number of Arizona homeowners who live in HOA communities are seeing a significant increase in their HOA dues…….A recent study ranked Arizona the second most expensive state in the country for HOA fees, and the situation is not improving, especially in communities with condos and townhomes. Read the article…………………………….
How to Advocate for Financial Transparency in Your HOA
Financial transparency in your HOA (homeowners association) might sound like a dry topic, but it’s one of the keys to a happy, well-managed community. Since many of us live in communities with HOAs, understanding how they operate and how their actions affect us can make a difference in our overall satisfaction with our neighborhood. Read […]
Control Your Budget, Don’t Let Your Budget Control You
Whether we like it or not, money is the fuel that keeps the world going round. Managing money at any level can be challenging, but managing a collection of funds, as in the instance of an HOA, comes with even more complications. So many things need to get done to keep the community beautiful and […]
Crushing special assessment (FL)
South Florida condo residents, especially those in older buildings, are being hit with crushing special assessments. When they can’t pay, they face foreclosure. It’s why residents of one building turned to Help Me Howard with Patrick Fraser. We met with six condo owners. But it could have been 600 or 6,000, all using the same […]
Homeowner Associations And Their Budgets
Many homeowner associations find it difficult to hold the line on expenses. Inflation erodes endlessly increasing budgets and members scream for relief. But help is on the way. There are practical ways to reduce costs without cutting services. The HOA’s budget is like a collection of uncut gems of different type, size and quality. Some […]