How To Take Action In Your Homeowners Association After A Natural Disaster

Natural disasters in a homeowners association happen no matter how prepared you may be but you should know how to take action when they occur.  Obviously, the more prepared you are increases your chances of minimizing losses while keeping everyone safe in your home.  Generally, the homeowners association website informs residents of all the aspects to be aware of in the neighborhood.  Do you live in an area prone to flooding, tornadoes, or other natural disasters?

Know What The HOA Fees Cover Before Moving Into A Homeowners Association

HOA fees are part of owning a home located in a homeowners association but these fees help provide amenities for you and others in the community.  In most associations, they cover amenities such as pools, tennis courts, trash removal, landscaping, and maintenance in the community.  Does the HOA website explain in detail what the homeowners association fees cover and when you might expect an increase?  If not, you may be surprised one day to find out that the fees have gone up to cover other areas.

The Importance Of A Reserve Study & Why It Matters To You

Every homeowners association needs to plan for the future and one way of doing that is to conduct a reserve study.  A reserve study is performed to determine when areas of the association will need renovated or repaired and how much that will cost.  Certain areas such as the roof and parking lot are expensive to repair so money needs to be saved each month to fund those projects when mandatory.  Does your homeowners association set aside enough money to pay for future repairs?