Homeowners associations (HOAs) offer an array of benefits to all members within the organization and community. However, if you have never been a member of an HOA, you may have no idea what to expect. Below is a short guide on what you should know when joining an HOA for the first time.
1. Ask Questions and Get Answers
Ask about all the resources the HOA has to offer to new owners. This will include all the association’s governing documents, a website, and a newsletter mailing/email list, among others. Once you’ve obtained these resources, read them carefully. Become familiar with the rules and regulations that govern your new HOA community. This will help you avoid costly mistakes and any tension with the other members.
2. Get to Know the HOA Board
Who will you go to with questions about your new HOA? Be sure to become acquainted with your community’s Board of Directors so you can establish a point of contact when questions arise.
3. Explore Your Facilities and Amenities
Become familiar with the resources available to you by your HOA and around your community. Is there a pool house? Are there are facilities available to you and your family? Maybe your HOA is close to a city park or city-maintained greenbelt. Get in touch with your surroundings and take advantage of the amenities.
4. Understand Your HOA Fees
Each HOA has a different pricing structure for fees, bills, and expenses. Some are monthly, some quarterly, and some annually. Be sure to know what your dues are so you’re not surprised when you receive a bill in the mail. Ask if you can set up a direct deposit to your HOA’s banking institution or set yourself a reminder to include this amount in your budget. Ask about any possibility of upcoming special assessments or large ticket items that might affect increases in your HOA dues.
5. Meet Your Property Management Company
Some HOAs will hire property management companies like Gassen to help with the day-to-day duties and help ease the burden of the board’s obligations. This working relationship can be beneficial in improving communication between homeowners and board members.
6. Join a Committee or Leadership Team
Some HOAs establish committees to help with ongoing operations within the community. Examples may include a gardening/landscaping committee, architectural review committees, fundraising committees, neighborhood BBQ committees, etc.
Property Management Services in Minneapolis
Gassen can help you manage your HOA. We offer comprehensive reserve studies, local property management, and accounting for all property owners and organizations. We can help you protect your HOA with the right tools.
To schedule an initial consultation, call us at 952-922-5575, or you can message us on our contact page.