Withholding Assessments Won’t Work

Sometimes community residents become dissatisfied with the association for some reason. In this case, let’s use maintaining the parking lot as an example. Mr. Homeowner is unhappy because several small potholes have appeared in the parking lot, and the association hasn’t repaired them. He called the manager who said that all potholes will be repaired […]

Tips for Saving on Homeowners and Renters Insurance

Whether you own or rent your home, insurance is essential to protect your property and household goods. Comparison shopping for the best rates will certainly save you some money, but you also can save by following these tips: Choose a higher deductible—increasing your deductible by just a few hundred dollars can make a big difference […]

Fiduciary Know-How

The mere mention of fiduciary responsibility may scare some homeowners aware from board service, but it shouldn’t. Managing the association’s finances is one of the board’s most important duties, but it doesn’t have to be complicated. Fiduciary duty means protecting assets, budgeting responsibly, planning for the future, investing wisely and observing laws and regulations that […]

How the Association Protects Your Money

Homeowners all over the country have read alarming news accounts of management companies and board members embezzling funds from community associations—the homeowners’ money. Our association follows a few hard-and-fast rules to protect your money. They include: We keep cash transactions to a minimum. When a cash transaction is absolutely necessary, we make sure that more […]

Extended Warranties and Service Contracts: Extra Protection or Waste of Money?

When you buy cars, computer equipment, major appliances, home electronics or other expensive household items, chances are you will be offered a service contract or extended warranty for an additional fee. Often charged as a percentage of the purchase price, service contracts and extended warranties range in cost from less than $50 to several thousand […]

Missing Wallet? Make Haste

Take action the minute you notice your wallet or purse is missing. Thieves often want more than cash when snatching your belongings; they want to assume your identity. The immediate steps you take can make the difference between some missing money and months (or years) of headaches and frustration. The Federal Trade Commission suggests you: […]

FEMA Assistance Available in HOAs

When we are affected by weather-related damage, it’s reassuring to know that private communities such as ours can rely on the Federal Emergency Management Agency (FEMA) in certain circumstances. While we must continue to be proactive and adhere to our community’s disaster recovery plan, as well as maintain a contingency fund, we can look to […]

Understanding Special Assessments

There’s no way to sugar-coat it: everyone hates special assessments. Getting a notice that you owe more money to the association can not only put a damper on your day but also a dent in your wallet, both of which the board is sympathetic to. In a perfect world, there would never be a need […]

When Foreclosure is the Final Option

Countless Americans face foreclosure when their lending institutions are unable to collect mortgage payments. In an ideal world, no one would ever face foreclosure—for any reason. But that world does not exist. Banks and other lenders foreclose on homes when owners default on their loans. Although relatively rare, association-initiated foreclosures are occasionally required to recover […]