When faced with unexpected expenses or necessary repairs, not all homeowners have funded reserves or the capacity to levy special assessments. Instead, they will take out a loan. HOA loans require adequate planning and understanding the intricacies of association loans can increase your chances of approval as well as help you get the best rates.…
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Board members can resign for many reasons. It is not always for a disagreement or something else unpleasant, but can be simply due to a new election, a life change on the part of the board member, or the desire of the board member to move on. Whatever their reasons for their stepping down, the…
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Having a regular newsletter sent to the homeowners in your community, whether by mail or by email, is a great way to keep everyone involved and the inform the community of upcoming projects and events. It is something which you should not forego as it is an important step to improving your HOA. It can…
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With an interest in sustainability on the rise in our country, many HOAs are slowly implementing improvements that are good for the environment. There are many reasons to consider following sustainable trends. It can help attract homeowners with an interest in sustainability who care about their communities. It can also help your board to save…
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One of the most valuable groups of homeowners that you can have in your community are senior citizens. These residents can be more long-term than younger demographics, and they can bring a surprising energy into the community that no other age group can offer. There are a lot of things that can be done…
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Condominiums are often attractive purchases for those who wish to own a property, but prefer upkeep that is easier than a house. However, that ease comes with the acceptance of condo fees. Before considering a condo, it is vital to consider what fees are actually going toward…and what they aren’t. The first question to…
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Each homeowners association is only as strong as its board of directors. As a member of the board of directors, each individual has the monumental job of being intimately familiar with the community. Here is a summary of the condo board of directors responsibilities and how each member should be doing their part to ensure a…
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So you have been elected to the condo board! What now? You may be wondering what your responsibilities are now that you are a part of the board. Here are a few of the most common condo board responsibilities, and how to perform them well. Mediation Between Residents and the Property Manager One of…
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A large part of your job as a team member on the HOA board is to be a good steward of the money that is payed to the board for the upkeep of the community. The task can be a daunting one, but following these five rules of accounting will help you and the rest…
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When it comes to your HOA’s monthly, quarterly, and yearly financial statements, the outcome is largely dependent upon which type of accounting method is used by your HOA. There are three different types of accounting methods that can be utilized which are often determined by the size of the organization or by state and local…
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