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Old 09-11-2019, 08:29 PM   #61
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Originally Posted by INTJ10 View Post
I strongly agree with you. However, reserve studies are not cheap and it is very tempting for HOA boards not do it "right" if the budget is already strained. Residents are very vocal against increases in monthly HOA assessments and don't understand these issues.
A good board does the right thing and educates the homeowner. A lazy board figures their time is temporary and doesn’t care.

Doing the right thing keeps property values high and avoids developments from getting a “reputation” among realtors as dumps.

A smart buyer will look at reserves and reserve studies.

The OP already has learned the results of a bad board.
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Old 09-11-2019, 09:23 PM   #62
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No HOA for me, but I don't think it matters in the long run. After 30 years we are becoming gentrified. People are fixing up and then some. A couple houses here are all stone from ground to roof. The junkers up on blocks in the driveway are history. Half the places have solar.
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Old 09-12-2019, 09:44 AM   #63
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We spent about five years in HOA hell. Incompetence, waste, negligence, they had it all in spades. And expensive! We communicated regularly with friends who were in and out of the board. It didn't matter. We never had any direct run-ins with the HOA, but I'll never be involved with one again. They are truly the worst of both worlds. Most of the power of government, none of the accountability. A haven for small-minded, egotistical power-hungry folks.

Just my opinion... :/
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Old 09-13-2019, 02:06 PM   #64
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Originally Posted by INTJ10 View Post
I strongly agree with you. However, reserve studies are not cheap and it is very tempting for HOA boards not do it "right" if the budget is already strained. Residents are very vocal against increases in monthly HOA assessments and don't understand these issues.
We had one resident who felt there shouldn't be any reserves...his position was that the reserves should be immediately distributed back to the owners.

So any unexpected expenses would have to be satisfied through special assessments...which require a 2/3 vote of all owners (plus a minimum 30 days notice)

And he was a retired certified public accountant!
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Old 09-14-2019, 09:36 AM   #65
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Originally Posted by ncbill View Post
We had one resident who felt there shouldn't be any reserves...his position was that the reserves should be immediately distributed back to the owners.

So any unexpected expenses would have to be satisfied through special assessments...which require a 2/3 vote of all owners (plus a minimum 30 days notice)

And he was a retired certified public accountant!
That is a recipe for disaster. We have a gated community with private roads, ponds and a well that feeds the irrigation system. Road repairs and well could result in significant shortfall $ without a healthy reserve. Our study indicated $250K should be established and we are now up to $150K and it will take about 4 more years to hit the reserve target at which time we will take the annual budget reserve amount out of future budgets. Of course unless we have to tap the reserve sooner.
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