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In the quest to address the current housing crisis, homebuilders are facing substantial hurdles that hinder their ability to meet the rising demand for new homes. Despite the expectation that new construction would alleviate the shortage and stabilize home prices, builders are grappling with their own set of challenges that are stalling their progress.
Budgeting is a critical aspect of managing a homeowner’s association. It helps ensure that the community’s financial needs are met while maintaining financial stability. However, some common budget mistakes can hinder the smooth operation of an HOA. One such mistake is borrowing from reserves. In this blog, we will discuss the potential pitfalls of borrowing from reserves and explore the legal implications of this practice.
In the state of California, it’s no secret that we face a dynamic and challenging insurance landscape. Insurance has become a hot topic, with community associations, condominium developments, and homeowners’ associations facing increasing challenges in securing adequate coverage and the limited number of providers in the state.
In every Homeowners Association board, there’s often one member who passionately opposes any increase to the budget. Regardless of justifications, this individual consistently votes against it. We were contacted by a Condominium Association that had never conducted a reserve study in its 18-year history.