Important Information About HOA Dues
The homeowners association dues are an aspect of living in a community with a homeowners association in place. However, this can be confusing to many residents. Many individuals do not want to pay for extras that they are not using. Also, there is a great deal of confusion about when dues are supposed to be paid along with whether they provide homeowners any relief with insurance fees or taxation. To learn more valuable information about HOAs, review the information below:
HOA Dues Defined
The association’s dues are something that many residents are not fond of. They are the annual fees required to pay your community’s Homeowner’s Association to be sure key aspects of your community have maintenance and have aesthetic appeal. The key issue with the association’s dues is that many HOAs have a fundamental lack of transparency with their residents that causes suspicion and doubt. The other issue is that there have been many instances of fraud related to homeowners associations, which has subsequently made residents mistrust the association in general. The key is to be straightforward when listing what the dues cover and what they do not cover.
What Do HOA Dues Cover?
The dues can cover a wide variety of factors. Depending on the state where your homeowners association is located, it will vary about what they are required to cover and what resident’s obligations are. Before buying any piece of real estate, it is important to research your local state’s laws about HOAs and what you should realistically expect to be sure that you can afford it. Also, you then need to look over the contract you are signing listing your HOAs rules so that you can be sure that you are in compliance. By doing so, you will have no unfortunate last-minute surprises.
Do I Have to Pay HOA Dues?
HOA obligations are bound by the contract that you will sign. If you are living in a community that has a homeowners association, then you need to follow their rules and that includes paying your dues on time. Residents can also be charged a late fee for not paying their HOA fees on time. What this means is that you will have to pay your dues and if you do not, your failed payments may be sent to a collection agency, which will hurt your credit score. Paying your dues is important if you opt to live in a community that has an active HOA that collects resident fees.
What Rules Will My HOA Have?
HOAs have a wide variety of rules and that will depend on the community that you are living in. Some common examples of rules include parking, pets, smoking, landscaping responsibilities and restrictions, maintenance requirements, noise limits, subletting restrictions, modifications and visual attachments to your property, and using your home as a business. Even though you are required to pay HOA dues, you still do have to follow their rules that are enumerated in the contract that you will be signing.
What Benefits Will My Community Have if I Outsource My Association Management?
One of the most complex aspects for HOAs is to find ways to organize collecting HOA dues and reminding those residents that are running late on their payments. At Clark Simson Miller, we specialized in offering Remote Management Services that help the HOAs we work with to streamline their difficult tasks such as collecting HOA dues. We will also be able to organize which residents still need to pay and remind those residents promptly while your HOA can focus on more important community-building issues. Outsourcing certain aspects of your HOAs management can be very beneficial to not only the quality of life of your residents but also your overall costs on your budget sheet.
Clark Simson Miller has helped HOAs located in many parts of the United States streamline the management processes of their communities. To learn more about how Clark Simson Miller can make a substantial difference in your community’s finances and efficiency, give us a call at (865) 315-7505 or contact us online.