Often, HOA is a blanket term used to describe many different types of community associations. However, different communities require uniquely structured associations that include planned communities, condominiums, and cooperatives. Each of these association types has less to do with their architecture and...
HOA fees also often contribute to the association’s reserve fund which is set aside for major renovation projects or emergency use. In addition to regular fees, HOAs can also impose special assessments on homeowners when the association lacks sufficient reserves to pay for unexpected repairs on co...
What is HOA? Click here to discover everything that you need to know about homeowners associations and why communities have them.
The best way to avoid a special assessment is to ensure the building’s reserve fund is well-equipped with enough money to handle expenses, including those that are unexpected. Often, HOA boards determine how much money should go into their reserve fund supply via a reserve study, where indep...
I would ensure that researching the reserve fund and other financial docs is one of the first things you do. Assessments Special assessmentsare additional fees levied by the HOA to cover unexpected or extraordinary expenses that exceed the scope of the regular operating budget. These costs are typ...
A homeowners' association (HOA) is usually a not-for-profit organization established by a community that governs rules regarding what can and cannot occur in homes, and also determines the rules and money spent on shared property. Many condominium andtownhousesavailable for purchase are part of ...
A study by investment banking company Keefe Bruyette & Woods Inc. found that commissions could fall 30% across the board, potentially saving home buyers and sellers $30 billion per year. These are all just predictions, of course, but the bottom line is this: The massive update to ...
How Much Money Should Be in the Reserve Fund? HOAs should have a reserve study to determine how much money should be in their reserve fund. A reserve study is usually conducted by areserve study companyevery 3 to 5 years. After physical and financial analyses of your community, a reserve ...
It is always best to check the HOA policy before purchasing your own policy. However, condo insurance is a good idea, because you need personal liability coverage and coverage for property damage within the unit. Condo insurance generally is less expensive than standard homeowners insurance, as ...
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