Finding the right home is a huge undertaking. One of the biggest things you have to consider is where the home is located. Because it has a major impact on the way you live your life.
That's exactly why so many people hope to live in an HOA community. These are highly sought-after locations because of the way the board takes care of the neighborhood.
The setup can be a bit confusing for those who haven't lived in this kind of environment before. If that's you, check out this guide to learn everything an HOA board is responsible for.
1. Create Standards for the Community
The main responsibility of an HOA board of directors is setting standards for the community. In an HOA, every homeowner must agree to and follow set rules. And if they don't, there will be consequences (like fines) to deal with.
These standards help keep the neighborhood from declining and falling apart. They can address things like the way the exterior must be kept. Or it can outline noise ordinances within the area. All of the standards are meant to keep everyone on the same page with a common goal of living in a nice place.
2. Keep Communal Properties Maintained
While the houses in an HOA community are kept to a set standard, the communal areas can't be left to fall apart. It's the responsibility of the board to make sure they are being maintained at the same level.
One of the biggest benefits of living in an HOA community is the amenities that often come with it. Things like parks, pools, and community centers can make it even more appealing. That's why it's important to keep them looking nice and functioning well.
This is why many HOAs choose to hire a managing team that has the resources to handle such jobs.
3. Handle All Financial Responsibilities
There's more to an HOA than making sure everything looks nice. They're a real legal entity and, therefore, have certain financial responsibilities. It's important that the HOA keeps up with them so they can continue to work for the neighborhood.
An HOA must keep detailed financial records. These will be important for making sure dues have been paid, filing taxes, and setting the budget.
When an HOA fails to take care of its finances, it won't have what it needs to help the community.
Main Responsibilities of an HOA Board
The role of an HOA board plays a huge part in how well a neighborhood functions. Finding a house that's within an HOA community can be a huge selling point.
But that's only if the HOA is good at their job and making smart choices for the neighborhood. It's a good idea to check if the HOA has hired an association management team.
The team at PMI Fox Valley has been doing just that for years. We help make sure HOAs are running as efficiently and effectively as possible. If you want to learn more about our services, contact us today for a free consultation!