Every HOA and Condo Association Should Have Adequate Reserves.
We’ve all driven past neighborhoods in Atlanta that look horrible. The mailboxes are all different sizes, colors and shapes. The pool is closed and empty. The tennis courts are cracked and weeds are growing up through the asphalt. The roof is caving in on the clubhouse, and the perimeter fence looks like it’s about ready to fall down. If your neighborhood is gated the streets are private. This means your Atlanta HOA has to pay for the road repairs and any future maintenance. More than likely, these homeowners or condominium associations failed to create a reserve fund to replace and maintain the HOA’s common property.
What things should an HOA or condo Board of Directors do to work with their HOA management company in order to keep their neighborhood looking good? In what ways can the Board turn to their HOA management company for help?
Start With A Reserve Study.
Work with your Atlanta HOA management company and your HOA’s qualified CPA to do a reserve study in order to make sure you are saving appropriately. Make sure you have sufficient reserves set aside to pay for expenses are they come due. are addressing this issue by setting aside money each year. Explaining the need to set aside money to the homeowners in your homeowners association is also very important. Members of your Atlanta HOA should understand that without proper funding for future repairs each of them could face having to pay a large special assessment in the future, which everyone wants to avoid.
Don’t Fall Behind On Maintenance.
A strong Board is often needed to convince owners that deferred maintenance is a slippery slope they don’t want to go down. Out off replacing the playground today and next year it will be the tennis courts. Before you know it, none of your amenities will be properly maintained and the values in your HOA will decline. Pretty soon, your only option will be to specially assess the owners or continue to allow the community to run down.
Enforce Your HOA’s Covenants.
It’s not enough to maintain the common elements of your Association. You also need to make sure homeowners are maintaining their homes and abiding by any restrictions set forth in the Covenants. If the Covenants require that mailboxes are properly maintained and a uniform color, don’t let homeowners slide by with rusted and off-color mailboxes. Notify homeowners when their homes need painting, their roofs need to be replaced and their mailboxes need to be painted or repaired. Your Atlanta HOA management company should be performing regular inspections and notifying, and if necessary, fining, homeowners who are not complying with the Covenants.
Protect your investment and the value of your home by hiring an Atlanta property management company that will assist you in obtaining a reserve study, help you budget for major repairs and stay on top of homeowners with regular inspections of their properties for compliance with the Covenants.
Riverside Property Management is a Homeowners association management company management company proudly serving Roswell, Alpharetta, Buckhead, Marietta and all of North Georgia. Riverside is also an expert Georgia condo association management company and high rise Atlanta association management company. To find out more about Riverside Property Management and why it is one of Georgia’s fastest growing property management companies, go to www.riversidepropertymgt.com. You’ll be glad you did.
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