In Texas, the average cost of HOA fees amounts to $389 per month. Have you ever wondered how your HOA board uses this income to ensure the smooth running of your HOA?
The money from HOA fees goes toward maintaining the value of the community and ensuring that all residents enjoy the benefits of residing in an HOA. These advantages include access to shared amenities, security, and a great sense of community spirit.
Read on to find out how the HOA board puts your HOA fees in Spring Branch, TX, to work.
Why Must Homeowners in an HOA Pay Fees?
Living in an HOA comes with several benefits. These include:
Access to desirable amenities like playgrounds, fitness centers, and pools
- Well-maintained common areas
- Guidelines for home upkeep
- Consistent property values
- Regular community events
Living in an HOA means enjoying these benefits without having to invest time in their upkeep. This makes HOAs some of the most prized real estate in Spring Branch.
Yet, keeping the HOA amenities in good order comes at a hefty price. Homeowners split the costs associated with maintaining these facilities, and that's where HOA fees come into the picture.
Homeowners who don't pay their fees may face severe consequences, such as having an HOA lien placed on their property.
What Are HOA Fees Used For?
Administering the allocation of funds from HOA fees is the task of an elected HOA board. These volunteers oversee the HOA's budgeting, upkeep of common facilities, and rule enforcement.
In most cases, HOA fees are split as follows:
Upkeep of Amenities
Conveniences like swimming pools, golf courses, and communal buildings require ongoing care if they're to remain in good repair. Keeping these things clean and well-maintained is imperative for ensuring the enjoyment of the HOA community.
When you live in an HOA, you are only responsible for maintaining the inside of your home. The HOA takes care of maintaining exterior aspects like:
In most cases, the HOA board will put aside some of the money collected from HOA fees to pay for major items, like roof or gutter replacement.
The HOA board must ensure that common areas are well-maintained. This includes mowing lawns, keeping landscaping in good order, and snow removal.
In many cases, some of the money from HOA fees goes toward hiring an expert to take care of these aspects.
Insurance and Other Costs
Like any income-generating business, an HOA must set aside money to pay taxes every year. They must also pay for insurance to cover common areas.
In many instances, the HOA board will hire an association management company to help them keep things running smoothly.
Making the Most of Spring Branch HOA Fees
For many HOA board members, maximizing HOA fees is a priority. When residents see that their hard-earned money is being put to good use, they are more likely to pay on time and less likely to complain.
Accountability is imperative when you're dealing with other people's money. PMI Bluebonnet Realty can help you exceed your HOA homeowners' expectations and manage funds conservatively thanks to our years of experience.
Get in touch today to find out more about our extensive range of Spring Branch association management services.