It’s understood when you purchase a home in a condo or homeowner association that paying assessments is required. Yet, it’s easy to get frustrated with paying assessments when you don’t know exactly where your money is going. While Board members communicate an association’s budget annually, some owners may miss it. Plus, it’s easy to feel that the association can manage with less money when you aren’t familiar with the budget. Knowing where HOA assessments go creates a better overall experience for everyone.
Although assessments vary from community to community, the basics are similar. Almost every homeowner understands that HOA fees go for maintenance and services. Common area upgrades and maintenance are usually straightforward too. However, homeowners don’t always consider the “behind the scenes” costs of keeping the community in good repair. If homeowners complain about an assessment increase, you need to help them understand the true cost in maintaining their property values. Here are some typical expenses that assessments cover:
It’s important for owners to know that where HOA responsibility ends, the unit owner’s responsibility begins. Owners need insurance to protect their furnishings. They are responsible for unit upgrades, maintenance and repairs.
When homeowners understand how their assessments are used, most are more willing to pay up….helping your community survive and thrive.
Wise Property Solutions is a property management company serving East Tennessee with offices in Knoxville, TN and the Tri-Cities, TN-VA. Specializing in Condominium Association Management, Home Owners Association Management, HOA Management and Gated Community Association Management.
Tri-Cities, TN-VA: 423-926-7373
Knoxville, TN: 865-643-8989