4 Things Your Homeowner’s Association Should Be Paying For
Being part of a Homeowner’s Association (HOA) can bring up questions about where that money is going and how it is being used. Before you start questioning the HOA, learn more about what they should be paying for and why these costs are necessary. Here are four things your HOA should be paying for, and why these expenses help protect and enhance the value of your home.
1. Maintenance of Common Areas
The common areas in your neighborhood such as parks, sidewalks or playgrounds are an important part of the community. The HOA should pay for regular maintenance to ensure these areas are kept up to a certain standard. If not properly maintained, these spaces can become unsafe and unsightly, bringing down property values in the area.
2. Property Insurance
Your HOA should also pay for property insurance to cover any damages to common areas due to natural disasters or accidents. This insurance will help protect the homeowners from any unexpected costs when something goes wrong with the common areas. It’s important that this insurance is kept up-to-date so that any problems can be taken care of quickly and efficiently before it gets worse.
3. Utilities & Services
The HOA should also take care of utilities and services such as water/sewer, trash pickup, snow removal, landscaping and pest control services for common areas or shared spaces like swimming pools or tennis courts within the community. These services help keep everyone safe and comfortable while living in their homes and helps maintain property values by keeping the space clean and well-maintained.
4. Legal Services & Fees
When it comes to legal matters related to homeowner’s associations, there can be a lot of paperwork involved. This can include filing taxes, drafting contracts with vendors or even deciding on rules regarding noise levels in the neighborhood. Having an attorney on retainer helps ensure that everything is done correctly and according to state laws so there are no problems down the line. The HOA should pay for all legal services associated with running a successful association including any fees associated with filing documents or preparing contracts for service providers or vendors in order to save time and money in the long run.
Whether you’re a homeowner looking into joining an HOA or a landlord looking into investing in real estate within an existing association, understanding what your HOA should be paying for is essential. From maintenance costs to legal fees—it’s important that all expenses associated with running an effective homeowner’s association are taken into consideration when deciding if joining one is right for you . By taking into account all potential expenses associated with running an effective homeowner’s association, you’ll know exactly what you’re getting yourself into . Knowing where your hard earned money will be going will help provide peace of mind knowing that you have made the best decision possible .
If you have questions about your HOA or need assistance managing an association, our team is here to help. Contact us today for more information.
