Out of control HOA fees

Started by ChristopherB • 1 replies • 2273 views

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ChristopherB (California)
Posts: 1

Posted:

I have become a new board member … mainly just to learn and get our HOA fees under control. We have a complex with 35 units and currently have a reserve of $207,000 … and our current monthly dues of $500. Does any one know where I could get data of other HOA’s in the area (Bay Area in California) so that I can compare our fees with everyone else’s?

RogerB (Colorado)
Posts: 5,067

Posted:

Christopher, it really doesn't matter what other HOA assessments are. This would have no bearing on your assessment needs. Your assessment should be based on the annual operating costs and budgeted reserves. Are your annual expenses reasonable and based on competative sealed bids for major expenses and do you have a 20 year reserve plan from which you determine how much should be budgeted for reserves each year?

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