You might be surprised to learn that homeowners association fees generally range from $200-$300 in HOA communities. In some cases, they can exceed $1000 per month.
This depends on many factors, such as the location of the property. The amenities provided and the association itself also influence the cost.
Not everybody understands HOA board responsibilities, though. We've written a brief guide that outlines the key information you should know. Let's get started.
Board members must strive to ensure their organization complies with local, state, and federal laws. The HOA is also responsible for assessing how well the community follows its regulations. Compliance issues are addressed during regular HOA meetings.
Maintain Common Areas
Community common areas include swimming pools, basketball courts, clubhouses, and gyms. Board members should contact a professional as soon as possible if they notice property maintenance issues.
The board should also assess and maintain the structural components of shared buildings. Common areas of concern include exterior walls, roofs, and interior fixtures.
Community residents must be held accountable for HOA violations. Board members will consult internal governing documents that dictate how to handle issues that arise.
Let's assume that a resident of an HOA community has been asked numerous times to abstain from playing loud music. Despite multiple warnings, they've violated this guideline three times. In a case like this, the HOA might have a policy that requires disciplinary action for repeat offenders.
Manage HOA Finances
An HOA is only successful if it's financially stable. Board members must prepare annual budgets, collect assessments, and manage reserve funds.
They also need to prepare financial reports that forecast future performance. Board members who own rental properties sometimes find it difficult to manage both HOA and personal finances. Hiring a professional can streamline this obligation.
Duty of Loyalty
HOA members are required to always act in good faith. With every decision they make, they must consider the impact it will have on the entire community.
Board members should never make decisions based on personal interests. Using an HOA position for private gains is prohibited. Keep this in mind when moving forward.
Duty of Care
HOA members cannot make decisions without conducting the appropriate amount of research. They must utilize all information available before voting or deciding on an issue. This is true even if the discovery process delays a decision by weeks or months.
One of the most important responsibilities that HOA members have is conflict resolution. It's not uncommon for misunderstandings or disagreements to arise within a community. These can occur between board members, homeowners, or both.
To defuse the situation, members of the HOA need to mediate and resolve issues as soon as possible. This prevents the involvement of law enforcement.
HOA Board Responsibilities Are Simple
In practice, HOA board responsibilities are easy to understand. Ensure that you know what's expected of you before joining your local homeowners association.
From here, you can ensure everything goes as smoothly as it should. Speak with a representative at PMI Annapolis today. Our expert team can assess your situation and connect you with the best solutions.