Now that the holidays are over, it’s time for us to get back to work—in our industry, that means budgets! Specifically, HOA budgets. If you’re a member of an HOA board or community manager, this is an annual conversation. You’re likely asking questions such as: How do our reserves look? What’s the next landscaping or remodeling project we’re working on as a community? Do we need to raise HOA fees?
While those are all valid, essential questions, there may be other things you’re not considering. At California Builder Services, we’ve collected and worked on thousands of HOA budgets for associations across the state of California, from Lake Tahoe to San Diego and every region in between. Truthfully, we’re surprised by some of what we see when we audit an HOA budget.
Look, we get it. There are things you really want to do for your community. But, you need to ask yourself—was it really worth it? If it was coming out of your direct bank account, would you splurge on that item?
With that in mind, we’re building a checklist of five items you need to review at your next board meeting, followed by a recommendation to either STOP…or START paying for them.