Running a homeowner’s association is a bit like a juggling act—you have to keep your residents happy, come to decisions as a board, and budget for common expenditures like maintenance, pest control, insurance, and more. Unfortunately, as with any aspect of life, unforeseen circumstances can get in the way of your HOA. In these cases, your association might need extra money to cover the damage...
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If you have ever managed a construction project, then you know that what would seemingly be a basic task is actually the greatest challenge: obtaining bids with the identical job scopes. Putting together a detailed “RFP” (aka Request for Proposal) for the bidders to work off of is the first and most important step. A board member’s function should be limited to decision-making, and...
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How reserve studies help homeowners associations establish consistent reserve contributions, and the importance of maintaining a 10% minimum contribution level. Many homebuyers who do not qualify for traditional loans can still enjoy the benefits of homeownership thanks to FHA lending. However, if you’re looking to buy a condominium using FHA funding, the underwriter will turn your loan down unless the homeowners association contributes at least...
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