Let’s get back to the basics. If you’re new to the HOA Board, you may be wondering “What is an HOA?”. Hopefully you have a basic understanding, but if you don’t, we’re going to give you a run down of the basics: What exactly is an HOA, and what does it mean for you as an HOA Board Member? We’ll explore everything you need to know about HOAs, from what they are and what they do to how they work and what you can expect when serving on the HOA Board of Directors.
What is an HOA?
First and foremost, let’s define what we mean by “HOA.” HOA stands for “homeowners association,” which is a group of homeowners in a specific community or neighborhood who work together to manage and maintain shared spaces and amenities. These shared spaces may include things like pools, playgrounds, parks, clubhouses, and more.
When you buy a home in a neighborhood with an HOA, you become a member of that association and are subject to its rules and regulations. This means that you’ll need to pay HOA fees, follow certain guidelines for things like landscaping and exterior maintenance, and get approval from the HOA for any major changes to your property.
What does an HOA do?
So, what exactly does an HOA do? In general, the primary purpose of an HOA is to ensure that the community’s shared spaces and amenities are well-maintained and accessible to all residents. This may involve tasks like:
- Hiring and managing contractors to perform maintenance and repairs on community property
- Enforcing rules and regulations related to things like noise levels, parking, and landscaping
- Organizing community events and activities to foster a sense of community
- Collecting and managing HOA fees to fund ongoing maintenance and repairs
In addition to these basic functions, some HOAs may also provide additional services to their members, such as trash pickup or security patrols.
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How does an HOA work?
HOAs are typically run by a board of directors (that’s you!) or a group of elected officers who are responsible for making decisions about the community’s management and upkeep. These individuals are often volunteers who are elected by the other members of the HOA.
HOAs typically operate on a set of bylaws or governing documents that outline the rules and regulations that members must follow. These operative documents may cover everything from how much members are required to pay in HOA fees to how long members can leave their garbage cans out on the curb.
In order to make changes to HOA rules, members may need to vote on proposed changes. This process ensures that all members have a say in how the community is run and that the HOA operates in the best interests of its members as a whole.
What are HOA fees?
One of the most significant aspects of being a member of an HOA is paying HOA fees. These fees are typically paid on a monthly or annual basis and go towards funding the community’s maintenance and upkeep.
The amount of HOA fees that you’ll be required to pay can vary widely depending on the community you live in and the amenities and services that are provided. Some HOA fees may be as low as a few hundred dollars per year, while others may run into the thousands.
It’s essential to carefully review the HOA’s governing documents and financial statements to understand exactly what the HOA fees cover and to ensure that you as an HOA Board Member are utilizing funds as the community’s fiduciary.
In conclusion, HOAs play an essential role in maintaining and managing shared spaces and amenities in many residential communities. As a homeowner and HOA Board Member, it’s important to understand what an HOA is, what it does, and what your responsibilities are as a member or HOA Board Member are. By doing your research and staying informed, you can ensure that your HOA fees are being put to good use and that your community is well-maintained and enjoyable to live in.