3 Typical Reactions Of Homeowners To Higher HOA Fees

Imagine relaxing on your couch on a pleasant Sunday afternoon while scrolling through the homeowners association website.  Suddenly, you see a shocking update about an increase regarding HOA fees.  That’s not the kind of news you want to hear.  But, did you know an increase might be the best means to keep the homeowners association in a healthy financial position?  The following are some typical reactions of homeowners to HOA fees going up.

 

The problem with having a special assessment for each project is that there might be a huge expense to emerge that is greater than what people can afford.  To avoid such a scenario, it makes better sense to collect the money gradually over the course of months or years.  Then, there will be enough money to take care of the project when the need arises.

 

Maybe you consider your current place a starter home and think you won’t be living there in the near future.  The problem with this viewpoint is that you’re getting to use amenities in the community and other common assets that were paid for by previous members.  Rather than taking advantage, look to return the favor as your plans might change and you may end up staying long-term at your current place.

 

While this is a very common reaction, you must remember the value of your home decreases when the HOA is not able to efficiently maintain the community.  Again, living in a homeowners association is all about sharing the costs as defined by the governing documents.  Instead of having a typical reaction, visit the homeowners association website frequently to remind others that an increase may be beneficial in the long run as it helps protect the value of all homes!