Does a Condominium Have a 115% Cap on Increasing Assessments? (FL)

The increase in costs, especially insurance premiums, have been difficult for condominium associations in the past couple of years. I have been asked on many occasions if there is a cap on increasing the budget by more than 115% from the previous year.   Read the article…………………………….

Reston Association to rethink fees, focus on facility maintenance with 2025 budget (VA)

A retooling of program fees and a renewed emphasis on facility maintenance over new capital projects will be priorities for Reston Association’s next budget.  The 2025 budget development process kicked off on May 30 with staff presenting their proposed priorities to the nonprofit community association’s Board of Directors based on the strategic plan that the […]

How to voice out your concerns about HOA dues increase

When you live in a community managed by a Homeowners Association (HOA), you understand your responsibility to pay regular dues to help maintain the quality of your neighborhood. However, a significant increase in contributions might seem suspicious, especially when the change was not communicated properly to you. As a homeowner, you have the right to […]

You Have Been Assessing Me Too Much! Square Footage Allocation Discrepancies (CO)

For homeowners’ associations whose assessment allocations are based on square footage of units, problems may arise if the developer used incorrect square footages in the calculations and an owner discovers such discrepancy (especially if the owner is paying a higher assessment than they would otherwise). Owners who discover such discrepancies will likely complain to the […]

Is it Possible to Contest Assessments by Co-Op and Condo Boards? (NY)

Co-op shareholders and condo unit-owners dread the news that their board is levying an assessment on top of monthly charges. Lately, that dread has shaded to raw terror as boards grapple with ways to pay for costly retrofits that might be required to bring their building’s carbon emissions into compliance with Local Law 97.   Read […]

How to Assess the Financial Stability of an HOA

Understanding a Homeowner Association’s (HOA) financial stability is crucial for maintaining property values and ensuring residents’ high quality of life. Key examination elements include reserve funds, special assessments and financial planning.   Read the article…………………………….

Strategic Budgeting for Deferred Maintenance: A Roadmap for Long-Term Success

Analyzing the financial health of a homeowners association is a crucial task to ensure its ability to maintain and enhance the community and common areas. For a variety of reasons, sometimes the association will be faced with deferred maintenance. Creating a funding plan to address maintenance helps establish a sustainable financial foundation. Completing an assessment […]

Tampa Bay area condo owners grapple with increasing monthly costs

From skyrocketing insurance costs to hefty monthly fees, condominium owners in the Tampa Bay area are feeling the pinch, some even saying it could force them out.  At Town Shores of Gulfport, a 55+ community, more than 100 residents met with a panel of experts Tuesday afternoon to discuss what can be done to help.  […]

$50 million assessment at Mountain Green to hit condo owners in July (VT)

Mountain Green condo owners voted in favor of a $50 million assessment to bring the building into the 21st Century, but some longtime owners said their quarterly payments will be so high they can’t afford it and they will be forced out.  An $18 million assessment was approved in 2022, and another $29 million was […]

Strategic Budgeting for Deferred Maintenance: A Roadmap for Long-Term Success

Analyzing the financial health of a homeowners association is a crucial task to ensure its ability to maintain and enhance the community and common areas. For a variety of reasons, sometimes the association will be faced with deferred maintenance. Creating a funding plan to address maintenance helps establish a sustainable financial foundation. Completing an assessment […]

Strategic Budgeting for Deferred Maintenance: A Roadmap for Long-Term Success (CO)

Analyzing the financial health of a homeowners association is a crucial task to ensure its ability to maintain and enhance the community and common areas. For a variety of reasons, sometimes the association will be faced with deferred maintenance. Creating a funding plan to address maintenance helps establish a sustainable financial foundation. Completing an assessment […]

How to Successfully Budget Your HOA

A homeowners association makes the big decisions for your condo or living space. These big decisions include a budget, which encompasses how your association will decide which areas of your property require financial spending. Creating a budget is a complex project; at Thayer Associates, we’d like to make the process easier.     Read the article…………………………….

HOA, condo fees rising for some Minnesotans

If you live in a condo or townhome in Minnesota, you may notice your fees are going up.  One insurance expert says this is a trend he’s been seeing for the last several months.  Helen Mitchell recently found out it will be more expensive to live in the Coon Rapids townhome she’s called home for […]

The delicate balance of HOA assessments

Hello, dear readers, and welcome to the Real Estate Whisperer, where I tackle the ins and outs of 92101 living with a pinch of humor and a dash of reality. Today’s hot topic? The ever-dreaded HOA assessment increases. Yes, I can almost hear the collective groans from here. But before we hoist the pitchforks and […]

Is Your Board Making These Critical Mistakes? Essential Risk Management Tips

In a recent New York case, 72 Poplar Townhouse, LLC v Board of Managers of the 72 Poplar Street Condominium, a series of critical issues arose that have wide-reaching implications for condo, coop, and HOA boards. This case highlights the potential consequences of unclear bylaws, the importance of meticulous records, and the complex power dynamics […]

Improving HOA Finances During Economic Uncertainty: Key Strategies

Homeowners associations (HOAs) across the country are increasingly concerned about how inflation, rising interest rates, stock volatility, and whispers of a looming recession could impact their communities. As the stewards responsible for maintaining shared assets that preserve neighborhood appeal and property values, HOA boards carry the weighty duty of shielding their finances from economic storms.  […]

Condo Association Websites Can Help with Concerns Over Growing Budgets (FL)

By now, all Florida condominium associations with 150 units or more (excluding timeshares) should have launched a website that includes a password-protected subpage or portal for unit owners and association employees that is inaccessible to members of the general public. Read the article…………………………….

Master the Art of Challenging HOA Late Fees: Effective Strategies & Tactics

Homeowners Associations (HOAs) are organizations that manage and maintain the common areas and amenities in planned communities, condominiums, and townhomes. These associations require homeowners to pay regular assessments, known as dues or fees, to cover the cost of the services they provide. HOA late fees are penalties that are imposed on homeowners who fail to […]

What Are HOA Fees—and What Do They Actually Pay For?

There are two major components to a homeowners association (HOA). The first is that the organization oversees a set of rules particular to the residential community. The second component is the associated fee required for living in the community and how the HOA fees benefit the homeowners.   Read the article…………………………….

How California HOAs Enforce Special Assessments

HOAs offer a community-managed alternative to residential living. These areas tend to offer more amenities, such as club houses, pools, and maintained public roads and sidewalks. However, in exchange, residents are committed to paying regular dues to the managing body.    Read the article…………………………….

Are California HOA Special Assessments Legal?

Living in a California homeowners association (HOA) confers numerous benefits: maintained public spaces, consistency among property quality, and more. In order to secure these advantages, the residents of an HOA pay dues to the governing body to fund communal projects and resources.   Read the article………………………………….

Tips for Effective HOA Budgeting and Financial Planning

Homeowners’ Associations (HOAs) are responsible for managing the financial well-being of a community. Proper budgeting and financial planning are essential to ensure that an HOA can provide necessary services, maintain common areas, and uphold property values. In this comprehensive guide, we will explore the key principles and practical tips for effective HOA budgeting and financial […]

How Often Do HOA Fees Increase?

Homeowners’ Association (HOA) fees are essential for maintaining communal areas and services in many residential communities. However, homeowners often wonder how often these fees increase. Typically, HOA fees are subject to change annually, but the frequency and amount can vary based on the specific needs and financial health of the community.   Read the article…………………………….

Special Assessments – ‘Tis the Season! (CO)

What is a special assessment? A special assessment is an assessment that is not contemplated in an association’s budget for the fiscal year and is therefore over and above the regular assessments imposed in accordance with an association’s budget.   Read the article……………………………….

Condo Column: Forced savings – for a good reason

It’s budget season. That means you have to start worrying about next year. But one thing that should worry you, and which is directly related to your association’s budget, is the fact that Fannie Mae is tightening its requirements for lending.   Read the article……………………………

Budget Ratification: Understanding the Ghost of Budgets PAST When Preparing for the Future

As we reflect on the past year, many of us begin to look forward and think, “What’s next?” With the New Year right around the corner, community associations need to begin considering the PAST in order to prepare for the upcoming year. So, “What’s next?” for community associations? The answer: budget ratification.    Read the article…………………………….

Tips For Reducing HOA Costs During Periods Of High Inflation

A knowledgeable and informed board of directors is key to a successful, well-run HOA. These tips are designed to help your community reduce costs, save money, and keep assessments stable during periods of inflation.   Read the article…………………………..

Is It Okay for Our Association to Have a Social Budget?

For many community associations, it is either the middle of budgeting season, or they have just completed this financial review period for the coming year. Budgets include many categories, including maintenance, landscaping, legal, accounting, and management expenses. But what about a line item for social? Is a social budget appropriate or even allowed under the […]

The Key to Unlocking Financial Resilience in Your HOA

Homeowner associations are at the heart of community well-being, orchestrating the collective rhythm of neighborhood life. Among the myriad responsibilities shouldered by HOA boards, navigating the financial maze emerges as a daunting challenge.   Read the article……………………………….

Castle Village Is a Snapshot of the Pressures on City Co-ops and Condos (NY)

When its 65-foot-tall retaining wall collapsed onto the Henry Hudson Parkway in 2005, shareholders in the Castle Village co-op were on the hook for $27 million in repairs. That trauma is ancient history, but today those shareholders are faced with rising costs that are less dramatic but possibly even more devastating. And they’re emblematic of […]

How HOA Fees Work in New-Construction Communities: What To Expect

When purchasing a new-construction home, most buyers prepare for the down payment, closing costs, and subsequent monthly mortgage payments. But one additional expense that sometimes gets forgotten in initial calculations is homeowners association (HOA) fees.   Read the article………………………………..

Annual Meeting Time: Making a Case for Assessments Increase (MN)

Proper financial planning is the bedrock of every community association’s sustainability. It ensures that the association can continue to provide essential services, maintain property values, and enhance the overall quality of life for its residents. One critical aspect of financial planning is the periodic assessment of whether it’s necessary to increase dues. In this blog, […]

HOA Budgeting Tips: Understanding the Shifting Insurance Market

The insurance market has always been a dynamic arena, with predicting stability often resembling a high-stakes gamble. Even seasoned insurance agents, with their wealth of experience, find themselves in uncharted territory given the current market landscape. In this blog post, we’ll delve into the current state of the insurance market, shedding light on the unprecedented […]

Where Is the Money Coming From? (FL)

With all the new laws, especially for buildings three stories in height or higher, along with reserve funding requirements, condominium living has just gotten a lot more expensive. With only one steady source of income, namely the assessments paid on a monthly or quarterly basis from unit owners, sometimes those funds are just not enough […]

What Board Members Need to Know on POA Budget Season

For many, the start of fall marks the hope of cooler temperatures being near, but for POA community managers and board members that is another story. September means the heat is really cranked up with the stress of budget season falling upon the POA industry. The requirements on how the budget should be set depends […]

Understanding Condo Fees Vs. HOA Fees: Differences And Similarities

When amenities include lush courtyards, state-of-the-art fitness centers or a 24/7 door attendant, it’s no surprise so many people consider moving to a new HOA community or condo building with these – and other – added features. But someone has to pay for these perks.   Read the article………………………..

Guidelines for Preparing Your Association Budget

Preparing an annual budget is essential for the financial stability of community associations. However, not all associations know how to effectively create an association budget. To help you with this task, here are some guidelines that will make preparing your budget a straightforward process:   Read the article………………………..

Budgeting Best Practices for HOAs

The words “budget season” can evoke sentiments akin to root canals and IRS audits. While it may not be your favorite time of year, a well-planned budget is essential for every successful community association. Go from daunting to done with these budgeting best practices.     Read the article………………………..

Tips to Set Up Your Community Association Budget for Success (MN)

As a community association board member or property manager, you know that effective budgeting is vital for your community to function smoothly. Your budget serves as a financial plan, outlining anticipated revenues and expenses and guiding day-to-day operations, long-term planning, and decision-making. Check out some frequently asked questions and best practices for a well-structured budget!  […]

5 Ways to Maintain Your HOA’s Financial Stability

Your HOA will achieve success when its financial health is maintained. Your role as a board member goes beyond ensuring that fees get paid in a timely fashion. You should be involved in the budget-making process and monitoring of financial expenses.   Read the article………………………..

Condo Column: The danger of unplanned costs (NH)

Most condominium associations, though certainly not all, have their annual meeting somewhere in the later fall. So, it’s around this time boards of directors start looking at the budget for next year.   Read the article………………………..

Association Borrowing Questioned (FL)

Q: The board of directors of my condominium association has been discussing taking out a loan to pay for major repairs to our condominium building. To my knowledge, our association has never borrowed money before. It seems to me that for such a serious undertaking, a vote of our owners should be required. Is a […]