How Much Can an HOA Raise Dues Each Year

  Рет қаралды 1,921

ManagedByAffinity

ManagedByAffinity

Күн бұрын

Пікірлер: 7
@rebelWP
@rebelWP Жыл бұрын
Many property management companies seem shady and it's not ok to just dismiss ppl on permanent or temporary fixed incomes. This country is bizarre in that it would kick the elderly out-of their homes for having a fixed income. Laws need to be created to prevent ppl from losing their homes or unfair targeting to attempt to ethnically cleanse a community. I doubt many boards have actually qualified ppl running them. Esp in the area of finance.
@ManagedByAffinity
@ManagedByAffinity 11 ай бұрын
Thank you for raising your concerns about property management and the treatment of individuals on fixed incomes. While these issues are troubling, remember that as a community member, you have the power to enact change. If you're unhappy with the current board, getting involved in elections or board meetings is a key step. This involvement can lead to better representation for all, including those on fixed incomes. Requesting and reviewing the financials is also crucial. Boards have a fiduciary responsibility to act in the community's best interest, and transparency in financial matters is essential. By being proactive and engaged, you can help ensure fair and just management of your community, safeguarding the rights and homes of all residents.
@MR..181
@MR..181 9 ай бұрын
Bingo saboteur toadies...bad deal devaluers..
@hotjesssica954
@hotjesssica954 Жыл бұрын
How can I report an association that never builds any reserve and raises the dues often and assessed special assessments twice in one year ! 🙄
@ManagedByAffinity
@ManagedByAffinity 11 ай бұрын
Great question, I will be creating a visdeo just to answer this question, THANKS for your comment.
@ChocoBeanChat
@ChocoBeanChat 11 ай бұрын
What happened to the cash reserves?
@ManagedByAffinity
@ManagedByAffinity 11 ай бұрын
Ideally, an association should have a bare minimum of two months' worth of operating funds in the bank. This is essential for managing day-to-day operations without financial strain. However, unfortunately, not all associations meet this benchmark. Various factors, such as unexpected expenses or poor financial planning, can deplete these funds. Regarding association reserves, having a healthy reserve fund is key to avoiding major increases in the budget as mentioned in the video. When an association has adequate reserves, it can handle unexpected or large expenses-like repairs or upgrades-without having to impose significant fee increases on the homeowners. Without these reserves, associations might find themselves in a tough spot, needing to raise fees suddenly and substantially to cover these costs. So, if you're part of an HOA or condo, it's important to ask about the status of the operating cash / reserves and understand how they're being managed. Being informed and involved can help ensure that your association is financially healthy and capable of handling future expenses without burdening its members with unexpected costs.
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