https://wmdouglas.com/ HOA Association Management Charlotte NC

1. UNDERSTANDING THE
HOMEOWNERS ASSOCIATION
(HOA) FEES
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2. FEES
Frequently, HOAs fees can be an overwhelming issue among residents
within a residential community. However, these fees allow the best
maintenance of common areas, such as clubhouses, playgrounds,
landscaping, swimming pools, and other facilities that enhance
housing property value. It is challenging to establish the cost of HOA
fees because they can vary according to the location, efficiency of the
association board or manager, and community characteristics.
Notwithstanding, financial experts consider that, nationally, the
average HOA fee for a single-family home is between $200 and $300.

3. PURPOSE
First, the purpose of homeowners associations is to set up and
enforce rules for the best running of residential communities.
For this reason, buying a unit within an HOA or Condo involves
a commitment from the new owner. In this way, people who
purchase these properties automatically become members of
the association. And one of the owner’s responsibilities is to
pay their dues through monthly fees. Of course, paying fees
involves the association’s core responsibilities to maintain the
common areas. Also, HOAs are responsible for enforcing the
association rules to enhance the community members’ quality
of life.

4. HOW DO HOAS CALCULATE THEIR FEES
HOA boards must comply with the proper planning of the budget. Then,
based on this process, calculate the fees. This task is not simple, and not all
board members know how to do it.

5. ITEMS
Maintenance and repairs
Utilities
Employee salaries
Contractors
Insurance
Management
Reserve funds
When planning the HOA annual budget, you must consider all issues that
affect the community. Therefore, the primary aspects involved in the HOA
fees are the following topics:

6. UNEXPECTED EXPENSES
Efficient HOAs tend to stay the same fees; however,
the community board can authorize a special
assessment to cover the cost of major unanticipated
work. These unexpected expenses can be caused by
damage to common areas after natural disasters or
other sudden events. In this way, the best way to avoid
complaints among owners is by determining an
appropriate amount to put in the reserve fund. Hence,
HOAs require an outside professional to prepare a
reserve study.

7. For further information, call your trusted experts on association management
or HOA in Charlotte, NC.

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