Reviewing the annual HOA budget
If you’re putting your money in the pot, don’t skip the budget board meeting
One of the best parts of owning a condominium is working with a team of other homeowners to maintain your living space. By paying condo assessment fees each month, you’re contributing to all necessary repairs — from the roof to the laundry facilities. Instead of putting it off the way you might in a single-family home, you can feel more relief knowing you contributed to money set aside for an emergency. After all, who wants to scrape their savings account together because the parking lot light sensor blew out or a pipe burst in the basement?
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The downside is homeowners associations (HOAs) set up funds budgeted for common areas, meaning whatever is behind your walls is almost always your responsibility. So while you may save money on common area expenses, there’s still the matter of setting funds aside for your own unit (from your broken refrigerator to a clogged toilet).