talking out a loan

Frequently Asked Questions on HOA Loans

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.…

condo fees

How Are Condo Fees Calculated

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…

board of directors

Condo Board of Directors Responsibilities

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…

property manager holding keys

Condo Board Responsibilities

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…

financial statement

HOA Financial Statements Example

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…