Homeowners associations function best when they have a substantial reserve fund to rely on. This fund covers routine maintenance and unforeseen repairs, ensuring the proper upkeep of all assets. But how can you ensure everything is managed effectively? The solution lies in conducting reserve studies for homeowners associations! To effectively manage budgets and resources, it’s…
Now that another Texas legislature special session is in the books, it’s time to take a closer look at the new state laws that will affect your homeowners association (HOAs) or condominium owner associations (COAs), both also known as property owners associations (POAs). Naturally, if you serve on your board, you’re probably wondering if or…
The 2021 Texas 87th Legislative Session has closed with new bills that will significantly affect property owner’s associations (POAs/HOAs) governed under Chapter 209 of the Texas Property Code (TPC). These may require adopting a new policy or an amendment to an existing policy of your governing documents. What is Senate Bill 1588 Texas? Senate Bill…
Homeowners associations vary greatly, with some requiring more attention than others. Although many find the idea of self-management appealing, it is not always the right call. In fact, when you become a self-managed HOA, you open your community up to certain risks. UNDERSTANDING SELF MANAGED HOA PROS AND CONS What is a self managed HOA?…
How is your homeowner’s association doing? Is everything running easily and smoothly? Do you have interested members at each HOA board meeting? Is your reserve fund fully funded? What would you do if you were faced with a lawsuit or an unexpected project? If you answered no to any of these questions or don’t know the…
One of the most important aspects of serving on the homeowner’s association Board of Directors is understanding your fiduciary responsibility. What this means is that Board members are tasked with doing everything in their power to ensure that the homeowners association remains financially healthy. In order to fulfill this important obligation, Board members should have…
A Homeowner Association and a Property Owners’ Association sound similar, and they can be, but they can also function very differently depending on the situation. The following outlines the main differences between an HOA and a POA. HOAs Defined In an HOA, homeowners become members of the association board and work to better the particular…
As a board member, it’s your fiduciary responsibility to make sure association members’ dues are well accounted for in the budget. To do that, the HOA can use two vital budgets: operating budget and reserve budget. Both budgets are crucial for the smooth and effective running of the association and community operations. To help…
Hiring an HOA management company is beneficial for your association as it ensures smooth operations, streamlines communication, and enforces rules and guidelines. It also safeguards the best interest of your community without compromising the board’s authority. Regrettably, several misconceptions surround HOA management companies, making homeowners and board members perceive them negatively. Let’s debunk eight common…
If you manage an HOA or are part of an HOA board, you may be wondering if your HOA needs a professional property management team to take over. Running an HOA takes a lot of work and requires many hats, so it may not be the right job for anyone. If you want to improve…