Key Questions Your Homeowners Association Should Address For The New Year

The beginning of each year is a great time for the HOA board to focus on improving certain aspects of the homeowners association to be better than the previous year.  As time passes, many circumstances can be expected to happen and the homeowner association website ensures residents they know the latest.  What key questions should board members address at the start of the year to avoid complications later on?

 

 

An important part of any homeowners association is to determine the budget for the operating budget and reserve fund.  The funds for the operating budget, or annual budget, get used to cover expenses that are recurring such as insurance and landscape upkeep.  The reserve fund is used on areas of the association that are typically expensive and occur over a long period of time such as replacing roofs.

 

When was the last time an extensive project was completed in the homeowners association?  A good idea is to update the reserve study every year to ensure sufficient funds are saved for future projects.  During a project, save all related expenses to accurately update the budget for reserve funds.

 

Aside from that, what else should be planned ahead for the year?  Schedule meetings in advance and post a calendar on the homeowner association website so homeowners may plan accordingly if they want to attend. Additionally, are there positions to fill on the HOA board?  If so, think about who would be a valuable addition and discuss it at the next board meeting.

 

 

If you don’t have an HOA manager, strongly consider hiring one as they help communications and manage deadlines in the homeowners association.  Their job is also to keep others informed about what needs to happen for the New Year to start well so residents enjoy a better quality of life.