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Financial

Helping Owners Fund a Special Assessment

If HOA boards want to minimize homeowner opposition to special assessments, they may want to offer some alternative payment options. The “pay it in full now!” option is a big turnoff for many. But when boards offer alternative financing, homeowners can choose what works for their individual situation. Read on to learn more about how condominium and homeowner association boards offered creative financing that helped them pass a special assessment. You’ll also pick up some tips for funding a speci [...]

2023-05-31T16:07:56-10:00Financial, LC Featured, Learning Center|
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Top Trends for HOAs in 2023

Whew! The last few years have been bumpy for homeowners, including those in HOAs. We’ve all felt the impact of record inflation. Sky-high real estate prices benefited some and stung others, while lack of inventory kept many homeowners in place. HOAs have faced rising insurance and well as other costs, while sea level rise and climate change trends are not far from our thoughts. There are a few things that will impact HOAs significantly in 2023, but not all of them are bad. Here is a rundown of t [...]

2023-01-18T14:20:03-10:00Community, Financial, HOA Rules and Regs, LC Featured, Learning Center, Maintenance Issues, Renewable Energy|
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Start Your HOA Budget Year Off Right

January marks the beginning of a brand-new fiscal year for many HOA boards. Now is the chance to take stock of how your board is operating and implement your budget – two things that are easier said than done. But these tips should help you get off on the right foot. Set expectations The budgeting process, which you should already have completed, is a chance for the board to set expectations for the community. Have a conversation with your management team about how the board wants the year to go [...]

2023-01-12T12:21:22-10:00Financial, LC Featured, Learning Center|
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Upcoming Legislation Supporting Owners and HOAs in 2023

The Community Association Institute's  Federal Legislative Action Committee is carrying momentum from 2022 into the 118th Congress, which convenes in Washington, D.C., on Jan. 3. This past year saw important legislation introduced in Congress to help condominium homeowners finance major building repairs, a CAI-led coalition working to support mortgage credit for condominium and cooperative homeowners, and renewed interest in disaster assistance for community associations. Safe Buildings & Sa [...]

2022-12-08T13:09:43-10:00Community, Financial, LC Featured, Learning Center|
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Top 5 Reserve Study Misconceptions

A professionally prepared reserve study is a guide for associations towards having sufficient funds for major common area repairs and replacement projects in the future. However, somewhere in between completion of the plan and implementation, a host of misconceptions can take hold, resulting in costly errors. Read on to identify the five most common errors to avoid. 1) Contributing 50% of the recommended amount to the reserve fund –Cutting reserve contributions will leave your association short [...]

2022-09-22T22:09:00-10:00Financial, LC Featured, Learning Center|
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What is a Condominium and What Can Be Condo-ed?

A condominium is simply a form of ownership that divides a property into areas that are exclusive to one or a number of owners, with a community organization to oversee the entire property. The type and size of what can be a condominium are not subject to any state limits. However, all county zoning, ordinances, regulations, permits, and rules must be followed by the owners and developers in how they develop or use the property. Single family homes, residential skyscrapers, agricultural pasturel [...]

2022-08-27T09:41:18-10:00Financial, LC Featured, Learning Center|
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How HOA Communities Can Conserve Water

While we want to be as environmentally responsible as possible, saving water should be a prominent issue for associations and its owners. Some areas are already facing water restrictions. Conserving water also keeps assessments manageable. Here’s how you can do your part for both reasons: Appliances such as washing machines and dishwashers consume the most water indoors, so let’s begin there in our conservation efforts. Match the water level on your washing machine to the size of your load. Avoi [...]

2022-08-20T09:35:04-10:00Financial, LC Featured, Learning Center, Maintenance Issues, Renewable Energy|
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How to Reduce HOA Insurance Costs

Insurance is usually one of the three top expenses for any condominium or homeowners’ association. You don’t want to be left with costly repair bills should a calamity hit your building. Even though the rates are as low as they were before Hurricane Iniki, there are still ways you can reduce insurance costs. Here are a number of ways to save some money at the outset: Property Knowing what to do before a loss can save you money on the claim itself, so set up a claim procedure in the event of a cl [...]

2022-06-22T17:36:17-10:00Financial, LC Featured, Learning Center|
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Understanding Different Types of Condo Insurance and Claims

Insurance claims have been growing. One common issue that arises is who is responsible- the association or the owner- when damage occurs. Whether the association’s master policy, or a unit owner’s HO6 policy will be covering the damage can be answered in the Condominium Association’s Governing Documents, Declarations or Bylaws. These are the documents that define what the association or owner is responsible for. Generally speaking, condominium declarations or bylaws usually take the position tha [...]

2022-04-11T14:51:34-10:00Financial, HOA Rules and Regs, LC Featured, Learning Center|
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Planning and Budgeting for HOA Roof Replacements

Roofing is one of the costliest expenditures for any property. Carefully considering the full scope of the job at the beginning stages will help minimize unforeseen expenses. The ideal scenario is hiring an architect, engineer, or consultant, especially for a large roof replacement project, to offer peace of mind and minimize liability. But this particular expense, along with building permitting fees and performance bonds, are almost always overlooked when setting aside roof replacement reserves [...]

2022-03-31T21:26:07-10:00Financial, LC Featured, Learning Center, Maintenance Issues|
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