Everything You Need to Know About a Homeowners Association (HOA)
What is an HOA?
A Homeowners Association (HOA) is an organization within a subdivision, planned community, or condominium building that makes and enforces rules for the properties and its residents. An HOA is also responsible for maintaining the common areas, and connecting with vendors to perform repairs, maintenance, and improvements for the community.
What are HOA Assessments and what do they Cover?
Homeowners Association Assessments are collected in accordance with the current annual budget for the community. Association expenses such as common area utilities, insurance, professional fees, landscape maintenance, reserve items, etc. are covered with the Assessments. The assessment fees, once collected, are deposited directly to the Association’s Operating Funds, with a portion going into a Reserves Fund Savings Account.
What is the Role of Management?
Community Association Management is hired by the Board of Directors to conduct and/or manage all the administrative tasks and common area maintenance of the community. Management facilitates the billing and collection of monthly Association Assessment dues. They also prepare the Association financial statements in efforts with a Certified Financial Professional. Management is tasked with maintaining compliance of governing documents in the community with the direction of the Board of Directors. Alliance Association Management believes that communication is one of the best services a Management Company can provide.
Advantage of HOA’s
Having rules and keeping everything consistent is a contributing life balance when living in a Homeowners Association. Rules and regulations established by the Governing Documents and Board of Directors reduces potential conflicts amongst neighbors regarding trash, parking, common areas, etc. Instead, homeowners have a guide they can follow and can refer to their professional community association management company for any questions or concerns.
Most HOA communities will give you private access to shared amenities, such as pools, golf courses, and parks while maintaining the appearance of common areas which greatly increases property value!
To learn more or to answer any questions regarding Homeowners Associations, please contact us at firstname.lastname@example.org and see how we can assist you and your community needs today!