Should And Can The Board Invest HOA Reserve Funds?
It may seem like a smart move to invest HOA reserve funds, but there’s more to the decision than boards think. There are several considerations to make, including risk, liquidity, and yield. Plus, not all state laws and association bylaws allow reserve fund investments in the first place. Can the Board Invest HOA Reserve […]
Why Is Having A Proper HOA Request For Proposal Necessary?
Creating an HOA request for proposal helps boards find qualified vendors and protect the community’s interests. Associations rely on outside contractors for maintenance, repairs, financial services, and management. Without a smooth selection process, boards can risk hiring vendors who may not excel in their fields. What is an HOA Request for Proposal? A homeowners […]
HOA Records Request: What Homeowners Can And Can’t Ask For
Making HOA records requests allows homeowners to review how their association operates and manages community affairs. Records access can clear up confusion about budgets, maintenance decisions, and rule enforcement. It can also reduce rumors because owners can verify facts. The key is knowing what the law allows and where limits apply. Are HOA Records […]
Who Is Responsible For Water Leak In Condo, The HOA Or The Unit Owner?
A water leak in condo communities can create confusion, property damage, and disputes between residents and the association. Water can travel quickly through shared walls, ceilings, and floors. This makes it difficult to identify the source and determine who is responsible. Understanding who must repair the problem and pay for damages can help prevent conflict […]
HOA Problems And Challenges Boards Should Prepare
Even the most experienced of boards can get stumped when faced with HOA problems. When boards fail to recognize these problems, even the smallest of issues can become major setbacks. Board members must know how to identify these problems and prepare for them. Common HOA Problems to Know About Homeowners associations operate in much […]
How Much HOA Fee Is Too Much? Factors Boards Should Review First
How much HOA fee is too much? It depends on what the community needs and what it actually costs to run it well. Some associations charge more because they offer more services. Meanwhile, others charge more because they face rising costs or poor planning. Boards should review a few key factors before assuming fees are […]
HOA Meetings: How Boards Should Prepare For Productive Meetings
To hold a successful HOA meeting, planning must begin early. When boards prepare properly, meetings can stay on track and be productive. Homeowners, in turn, can leave with a better understanding of how operations work and why boards make the decisions that they do. What is an HOA Meeting? A homeowners association meeting is […]
HOA Financial Statements and Board Oversight: What To Look For
HOA financial statements help board members see where the money goes and what the association can afford next. They also show if the community is staying right on track with its budget and reserve plan. When boards review reports effectively, they can catch problems early and make better decisions. What are HOA Financial Statements? […]
HOA Disclosure Documents Every HOA Should Have
Board members should familiarize themselves with HOA disclosure documents. When someone requests them, the board should be able to prepare them without a sweat. Unfortunately, when the board doesn’t have a clue what these documents entail, things can quickly become a mess for everyone involved. What are HOA Disclosure Documents? Buying a home is […]
How Much Can HOA Fees Increase?
It is no secret that HOA fees increase every few years. Homeowners might wonder why, and it is the HOA board’s job to explain it to them. Additionally, board members should always follow proper procedures and adhere to the limits imposed on their authority. This applies to raising dues as well. Can HOA Fees […]