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HOA Budget Impacts: What They Don’t Warn You About
Start-up budgets that meet DRE review criteria result in HOA dues that are much higher than you expect them to be. While buyer’s HOA dues
Start-up budgets that meet DRE review criteria result in HOA dues that are much higher than you expect them to be. While buyer’s HOA dues
As the old saying goes, if you live in an HOA, be prepared for the trio of “parking, pets and pool” problems. Undoubtedly, there is
As HOA Start-up Budgets are being created, a question we hear often is “can the dues be reduced?” More often than not, the HOA dues
Community associations operate with unique insurance needs, given their nonprofit status. One pressing question for Homeowner Association’s (HOA) board members often revolves around the necessity
Not only are homeowners attracted to build-to-rent communities, but developers and builders who specialize in multi-family, active adult, senior housing, and student housing are beginning to dip their toes into BTR communities to diversify their portfolios.
On December 13, 2023, Insurance Commissioner Ricardo Lara addressed the Assembly Insurance Committee at Pasadena City Hall. During this address, Lara highlighted California’s position at an ‘insurance crossroads’ and an ‘insurance emergency’ for many residents.
In 1981, a homeowner’s association filed a lawsuit against its developer and his employees, who were former directors in control of the association, for strict liability and breach of warranty. This landmark case is known as Raven’s Cove Townhomes, Inc. v. Knuppe Development Co.
In 1998, the Community Associations Institute (CAI) introduced Reserve Study Standards to establish the baseline for professional reserve studies. These standards, which have recently been updated, define four distinct levels of reserve studies, ensuring consistency in services across various providers.
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.
If you have questions, we’d love to hear from you!
