When it comes to whether or not a homeowners’ association is really that important, the short answer is yes. According to Globe News Wire, citizens of the U.S. who live in homeowners associations and condominiums report that they are overwhelmingly satisfied in their communities. The results of this poll have been the same each of the seven times it was taken since 13 years ago. Here’s why a homeowners’ association is important.
Maintenance of Property
It’s the duty of the homeowners’ association (HOA) to set a monthly or annual homeowner fee that is then used to maintain the property and its common areas. For instance, the money can be used for the maintenance of hallways, walkways, and parking lots. The board can also hire a property manager who will be responsible for ensuring that day-to-day operations are carried out properly. Apart from the financial side of things, a homeowners’ association also sets rules and reviews complaints to make decisions when there are disputes.
The HOA Governs and Sets Rules
It’s important to have rules whenever people are living in a common area. One of the duties of the homeowners’ association is to set and approve covenants, conditions, rules, and bylaws. These rules govern things like non-acceptable resident behavior. The association also reviews complaints and makes rulings or decisions about resident concerns. If there are to be any penalties enforced against residents, it’s also the duty of the association to see to it that they are implemented. Lastly, in terms of governance, a homeowners’ association also appoints and dissolves committees.
Handling of Finances
This is another important role played by a homeowners’ association. They perform financial duties and set budgets with input from owners. For instance, if there are to be additions or improvements, they decide how much will be needed and they also keep all the relevant financial records. It’s also the duty of the homeowners’ association to maintain a reserve of funds that can be used whenever there is an emergency or for the purposes of improving the living conditions of residents. These funds can also be used for things like hiring attorneys, accountants, and other professionals that the association may need to hire.
These are some of the reasons why it’s important to have an HOA. It can be difficult to manage things if there is no board in place to ensure that things are done a certain way. For more information on HOA and property management, give us a call today!
