An HOA lockbox may sound like a small detail at first, but for many associations, it can make a major difference. Boards always deal with payments, checks, deposits, and the stress of accounting. This is why boards should consider adopting a lockbox system, as it helps bring order to what is usually a messy, time-consuming…
Are homeowners associations required to vote on special assessments? This is a question that many association boards and residents ask. Voting is a way to obtain express agreement from members, but it may not always be necessary. The answer ultimately depends on the community. Should an HOA Vote on Special Assessments? Special assessments are…
Believe it or not, HOA late payments can affect credit scores. When homeowners stop paying their dues or make late payments, their credit scores can take a hit. It can worsen if their missed payments become a lien and a full-blown foreclosure. Can HOA Late Payments Affect Credit Scores? Homeowners in an HOA have…
Should an HOA waive late fees? Board members of an HOA community will likely struggle with this question at least once during their tenure. Before making a snap decision, board members should understand their governing documents. Moreover, it is important to consider the advantages and disadvantages that such an action would bring. Can HOA…
Late HOA dues affect HOA finances in a big way. While homeowners may not see it — often worried about their financial strains — late payments can significantly negatively impact an HOA community. As such, homeowners should always strive to pay their dues on time and consult their HOA board for options in financial struggles.…
Rising interest rates affect an HOA significantly, both when it comes to borrowing money and depositing funds into a bank account. Board members should be aware of the impact of the economy on the association’s finances. This will allow them to manage their funds with prudence, make wise decisions for their community, and keep the…
As the new year rolls around, one thing is on everyone’s mind: Will HOA fees increase in 2024? Homeowners are likely gearing up for what’s ahead, planning their finances, and drawing a budget, especially after spending a lot over the holiday season. Similarly, HOA boards are set to prepare an annual budget for their associations, but…
Selling your home can be long and arduous, especially if you belong to a homeowners association. There are several things you must consider, including the HOA demand fee. This fee is vital in any real estate transaction involving an HOA community. Homeowners should familiarize themselves with this fee and what it entails for a smooth…
How much HOA fee is too much? This is a question that board members, homeowners, and potential buyers ask a lot. While paying fees does come with the territory, it does not mean that associations can charge exorbitant amounts as they please. Similarly, homeowners should not expect their HOA to charge low fees, as fees…
Can an HOA raise dues? It’s not an uncommon occurrence among homeowners associations. There are legitimate reasons for it as inflation rises and the cost of goods and services increases. But, it must be handled carefully as it’s often a source of conflict within HOAs. Can an HOA Raise Dues? In the United States,…