Articles & Insights
Are you in the early stages of forming a Homeowners’ Association (HOA) for your new residential development? Crafting the ideal HOA budget is a crucial step toward ensuring the smooth operation and long-term financial health of your community.
In the competitive and high-risk world of residential development, smart developers stand out by implementing effective strategies that pave the way for their projects’ success. From the initial stages of planning to the final execution, there are three things all residential developers can do to ensure the success and efficiency of their projects.
As an owner or manager of a homeowner’s association or other planned community, it’s your responsibility to ensure that finances are properly managed. Reserve studies are vital for an association to maintain its financial health, as they are required to take place every three years in accordance with CA Civil Code 5550. However, there are several misconceptions about them. We’re going to divulge some of the most common myths about reserve studies and explain why they are untrue.
In recent years, the amount of new community associations has experienced a remarkable surge in numbers. However, community associations have not been immune to the far-reaching effects of the pandemic, like surging sale prices and inflation. Both developers and homeowners have encountered their fair share of challenges. In today’s landscape, everything comes at a higher cost, and HOA budgets need to reflect these price increases accurately.
California homeowners and Homeowner Associations are currently grappling with a severe insurance crisis. Numerous providers are choosing to opt out of the State or reduce coverage. This predicament stems from a combination of factors, including persistent challenges in the supply chain, escalating climate-related disasters, and inflation.
As the world population continues to grow, the demand for land will only increase. By subdividing land into multiple usable lots, the possibility of reaping additional profits is highly likely. This has led many people to ask the question, “How do I subdivide land?”
As a homeowner, board member, developer, or community manager, you bear a significant responsibility of ensuring that your community is always in top-notch condition, well-maintained, and prepared for any unexpected situations. One of your primary duties is managing your community’s reserve fund, which serves as a financial buffer to cover any unforeseen expenses or significant repairs.
There are fewer insurance companies willing to write policies for HOAs due to perceived risk. In the events that have taken place in 2022, such as floods and fires, there is a massive deficit in insurance for HOAs. Community association insurance plays a significant role in budgeting for HOAs. Insurance premiums are a necessary expense that HOAs must include in their budget to ensure that the community is protected.
Inflation is a persistent issue that wreaks havoc on the financial health of community associations. From project delays to regular assessment increases and impact on reserve funds, the effects of inflation can be far-reaching and challenging to manage. Community association boards must be proactive in mitigating the impact of inflation to ensure that they can continue to provide necessary services to their members while also planning for future capital projects.
For years, California has been grappling with a pressing issue – a severe housing shortage that particularly impacts low- and moderate-income households who struggle to find affordable homes. To address this issue, Governor Gavin Newsom signed Senate Bill No. 330
If you are a real estate developer in California, obtaining a public report from the Department of Real Estate (DRE) is a crucial step in your project’s success. The public report discloses important information about the development to prospective buyers, such as an overview of the community, the developer’s financial stability, the project’s legal status, the association’s monthly assessments (if any), and the estimated completion date.
Homeowner’s associations (HOAs) are constantly evolving and adapting to meet the ever-changing needs of residents. As California’s real estate market continues to grow and change, what can we expect to see as the next big thing in HOAs in the state?
A Homeowners Association (HOA) Reserve Study is an important tool that helps an HOA plan and manage its assets, maintain its financial health, and ensure
Which Subdivision Projects Do Not Need a Disclosure Report? There are a couple of subdivision projects that do not require a Disclosure Report. This includes
An annual HOA budget is a financial plan that outlines the estimated income and expenses for a homeowners association (HOA) for a given period, usually