When a community is new, a study is produced that outlines a budget to fund a reserve account in preparation for future expenses related to the inevitable deterioration of major components of the common property. The study can include things like entrance signs, light poles, siding, roofs and sidewalks. New community boards sometimes don’t see a need to build a reserve fund when everything is new,… Read more »
Posts Tagged: annual assessments
What’s the Big Deal if I Don’t Pay My Maintenance on Time?
I attended a homeowners meeting earlier this week, and the subject of delinquencies came up. Of course, this community had its fair share, but the overall sentiment was that the delinquencies weren’t necessarily because owners couldn’t afford to pay. This community has a low annual assessment (maintenance fees), as it’s a simple homeowners association with not much… Read more »