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25-27% of the American population lives in houses governed by HOAs. But what is a HOA?
It stands for Homeowners Association and is essentially a self-governing organization that manages a community. The community can be a group of houses, townhouses, or condos/apartments.
Many new homeowners nowadays pay careful attention to the HOA and its reputation before purchasing a home in a new community. The HOA board can have a wide array of responsibilities, but some common ones are listed below. So keep reading.
Financial Management
One of the primary responsibilities of an HOA board is to ensure the financial stability and sustainability of the association. This includes:
- Creating and managing the annual budget
- Collecting dues and assessments
- Overseeing financial transactions
The board is responsible for transparently and responsibly handling association funds. They need to make sure they are allocated appropriately for maintenance, repairs, and community amenities.
Rule Enforcement and Compliance
Maintaining a cohesive community requires the enforcement of rules and regulations. The HOA board is responsible for establishing and implementing these rules. They also ensure that residents are informed about them and enforce compliance.
This may involve:
- Addressing violations
- Conducting hearings
- Taking appropriate action to resolve disputes
For example, one of the residents might be smoking illegal or legal drugs in their condo apartment and this smell is getting into the nearby apartments. The nearby residents could complain about this to the HOA board to get a resolution.
The HOA board has the right to reprimand the offending tenant. Or even evict them if the offense is great enough.
The board's role in enforcing rules helps maintain property values, promotes a sense of community, and enhances the overall living experience for residents.
Community Maintenance and Repairs
The board is responsible for the upkeep and maintenance of common areas within the community. This includes:
- Landscaping
- Road maintenance
- Repair and maintenance of facilities, such as pools, gyms, or saunas
The board may hire and oversee vendors and contractors to perform necessary maintenance and repairs. This results in a community that's safe, clean, and aesthetically pleasing.
Communication and Community Engagement
Effective communication is crucial for fostering a sense of community and ensuring that residents are informed and engaged. Colorado HOAs play a key role in facilitating communication channels. Some of the channels used are:
- Newsletters and email marketing
- Posters in visible areas
- Community websites
- Social media groups
They also organize community events and meetings to encourage resident participation and provide a platform for open dialog.
For example, they might hold a holiday party during December for the residents. Or a costume Halloween party on October 31st with prizes.
This helps address residents' concerns, gather feedback, and build a strong community spirit.
The HOA Board Has the Burden of Responsibility Upon Them
Everyone who gets voted into the HOA board has to bear the responsibility placed upon them. It's not an easy task, but it's an important one.
The entire community depends on their due diligence and efforts.
If your community is searching for HOA management or property management services, please contact us today.
