It is estimated that around 55 million Americans live in houses or condominiums that are overseen by community associations. That’s about 1 in 6 Americans. The vast majority of these homeowners have at least a basic understanding of why they pay HOA fees and the benefits they gain by living in a community governed by a board of their fellow homeowners (along with a written...
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According to the U.S. Census Bureau, annual homeowner’s association fees for condos average out to about $2,400, while owners of single-family homes in HOA communities can pay more than twice that amount. While many homeowners are aware of these costs when they move into an area with an HOA, others don’t seem prepared to pay the piper. This could leave HOAs looking for ways to...
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Maintaining a condominium complex or neighborhood is no small feat—there are landscapes to be preened, repairs to be made, beautification projects to be undergone, and more. To perform these tasks, your homeowners association (HOA) will need to hire contractors, skilled professionals who can keep your community clean, safe, and inviting. As their title implies, contractors work based on contracts, key documents that outline what they’ll...
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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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