dues

Started by BobC11 • 6 replies • 1475 views

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BobC11 (Kansas)
Posts: 1

Posted:

I would like to get an idea of where we are compared to the norm. 77acres of common ground. 2 pools. A newly renovated club house. An older community 1974. exteriors are maintained by association.(does not cover replacement but does cover reasonable repairs. Around 200 a month.?????

SheliaH (Indiana)
Posts: 6,964

Posted:

You might be able to get some information from a realtor, but usually it's a waste of time to compare dues in community #1 vs. communities 2-6. Some pay annually, some pay monthly, others pay quarterly. You have two pools and a clubhouse, whereas another community has a pool, fitness room and tennis court. Some pay for snow and trash removal, others only cut the grass and maintain the community's entrance sign. Get the picture?

There is no "norm" when it comes to different HOAs because they're all...different. You should be concerned if the $200 you pay is enough to take care of whatever the association is supposed to take care of as well as fund reserves for future major repairs. You should also be worried about delinquencies - too many and everyone's assessments will have to go up to make up the shortfall.

If it is not right do not do it; if it is not true do not say it. Marcus Aurelius

MelissaP1 (Alabama)
Posts: 13,836

Posted:

Dues are setup based on the operating and maintenance costs of the HOA split equally amongst ALL it's owners. It is a non profit so money collected should be spent on it's needs. I can not tell you if $200 is good enough as do not know the monthly or yearly expenses your HOA has. That will set the rate in the end.

Former HOA President

RichardP13 (California)
Posts: 1,767

Posted:

Due may not always be split equally. It will be based on what is in the governing documents. Some developments are based on square footage of a unit. There may be other ways, but have to be discussed in the governing documents, generally in the CCRs.

TimB4 (Tennessee)
Posts: 21,059

Posted:

Bob,

Take a look at your budget and Reserve Study. If the expenses are being met and the Reserves are fully funded, you are where you need to be. If the Reserves are not fully funded, then you either have a large delinquency issue or the assessments are simply too low.

JohnC46 (South Carolina)
Posts: 14,265

Posted:

Bob

If all is getting done (paid) and a reserve is accumulating you are on the right track. The first place to look if in doubt is at the Reserve Funds. If nothing there, then $200 per month is not enough. How much should be there is another issue. The less things that have to be repaired/replaced in the future, the lower a reserve can be. While not a hard number, I would be concerned if less then 15% per year was going into reserves.

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

There is no "norm" Its like asking what is a normal budget for a family of 4? One family might live on spaghetti and another might eat out every night. Their budgets would be vastly different.

The budget is based on what you own, what it takes to upkeep it and what your "standard" of upkeep means.

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