Homeowners who live in an HOA
are used to paying dues; these dues are a necessary part of Association life.
Hopefully, homeowners have a good idea of how their dues are used—to pay for
the upkeep of community property and to provide amenities, like the pool or
tennis courts. More information is available at Community associationmanagement charlotte.
Nevertheless, the thought of
a special assessment can sometimes be
daunting and dispiriting—not just to homeowners, but to the HOA Board, as well!
When it comes to community
management services, Charlotte HOAs may need a special assessment for a handful
of reasons. One potential reason is that you simply don’t have enough money in
your reserve fund to keep up with the year’s maintenance needs; the only way to
know this for sure is to do a reserve study. Another potential reason is that
an emergency repair need arises, one that surpasses what you have in the
reserve.
There is yet another
potential reason for a reserve fund: Insufficient insurance. When it comes to
HOA management, Wilmington, NC communities should have enough insurance to help
cover certain pressing needs; insufficient insurance will leave emergency
repair costs far higher than they should be, which brings with it the need for
a one-time or ongoing increase in dues.
A special assessment is never
exactly going to be welcome. With that said, it may sometimes prove a necessary
evil. Make sure you keep alert to this potential need, and act on it promptly
but also strategically.
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