Community associations are more than just a neighborhood. In many ways, it’s a lot like a business. Collectively, regular annual assessments amount to tens of thousands of dollars that need to be budgeted carefully and spent wisely. And neighbors who have volunteered and been elected to serve on the association’s board are responsible for making critical decisions—on the homeowner’s behalf—about managing the community and money.
An HOA board also develops long-range plans—like when the parking lot will need to be repaved and when the elevators will need to be replaced—about the parts of the community that are shared property. The board must set aside funds so that these kinds of projects can be accomplished on schedule or even ahead of schedule in the event there’s an unexpected breakdown.
The board also sends out requests for bids and contracts with vendors to do the work necessary to maintain our shared amenities. Board members decide who will do the best job of replacing the roof at the best price or who will be the most reliable company to hire to mow the grass and remove dead tree limbs.
The board’s decisions can have a significant impact on the community’s appearance and, consequently, on our property values. Regardless of our professional manager, the board ultimately is responsible for overseeing community association operations. Be sure to communicate with the board regularly, observe board meetings, and attend annual meetings to elect responsible board members and to participate in the conversations about significant community issues.