Whether you’re considering running for president of your HOA board or have already been elected, you may be slightly unclear on your roles and responsibilities. That’s okay — you’re not alone. Each role is important to the success of the association, and the president acts as the head and commander-in-chief of the HOA board. Here…
Details
The board members of an association have a fiduciary duty to the homeowners, and part of this duty is to make decisions in the best interests of the community. Sometimes, though, homeowners question the extent of the board’s authority when it comes to making decisions, wondering why their votes were not included in the process.…
Details
Are you unable to understand your accounting figures? Do you have trouble comprehending the financial reports? If you’re a self-managed association, it might be time to hire an HOA accountant. While board members are dedicated to managing their community, they often lack the expertise when it comes to handling the finances of the HOA. If…
Details
The annual budget is a vital part of every organization’s finances, whichever industry or sector it belongs to. The same applies to a homeowners association. With the coming of each financial year, a proper budget must be drafted out, but not all associations know how to prepare an HOA budget. Thankfully, we have come up…
Details
Purchasing a home is a big decision — one that mustn’t be made hastily. It’s a big step in life and signals a certain sense of financial freedom. When choosing to buy a home, people often leave townhouses out of the equation. However, there are many advantages of townhouse living. In fact, by the end…
Details
Every investor such as yourself wants to manage his or her real estate property in the best way. Whether you own a rental property or a secondary home, you probably do not have the time to tackle your property matters on your own. Thus, you require help from professional property managers to assist you with…
Details
Moving into an HOA community is an exciting new start for your family, and it can also be a major change that may require some adjustments on your part. Before moving to an HOA community, you may have a ton of questions to ask. What advantages does moving in a homeowners association community offer for…
Details
Watch our Webinar on HOA Insurance A homeowners association (HOA) is very much like a business. Homeowners elect board members to oversee the community. The HOA board handles day-to-day operations, maintenance, and repairs of common assets as well as the enforcement of bylaws and the collection of assessments. As a legal entity, it’s important to…
Details
Management of an HOA (Homeowners Association) is not an easy task. Although associations aim to perform their responsibilities and are able to do so, they often lack key factors in their performance, particularly in the field of HOA financial management. This often results in inefficient supervision and loss of costly resources. Here’s how an HOA…
Details
For many homeowner associations, there are times when the services of an HOA management company are required. Unfortunately, most HOAs are unable to gain significant advantages as they do not hire the right service company. Before you select an HOA management company for your association, there are some things you must take into account. …
Details