Reserve account realities: what the HOA industry won’t tell you

By Deborah Goonan, Independent American Communities Homeowners’ association industry trade groups have been beating the drum about the importance of strong reserve accounts for many years. It seems like common sense advice for HOAs to plan for future expenses. But planning for future financial solvency is not as simple as reserving at least 10% of the Association’s monthly, quarterly, or annual fees. There are several important factors to consider, which I’ll explain in this article. Continue ReadingReserve account realities: what the HOA industry won’t tell you

Kansas HOA special assessment conflict turns ugly

By Deborah Goonan, Independent American Communities Few homeowners know what to expect when they buy into a planned community governed by a homeowners association. After all, home builders and real estate agents sell buyers on modern, attractive features of the home, pristine-looking landscapes, and neighborhood bling. You know, the sparkling community swimming pool, peaceful-looking nature trails, recreation centers, club houses, and, in some cases, dozens of planned social activities. Sales agents avoid serious talk about Continue ReadingKansas HOA special assessment conflict turns ugly

HOA Issue #1: Anyone can sue an HOA, and it can cost homeowners millions

Jury ruled Lamplight Village at Centennial Springs HOA should pay $20 million to Plaintiff in personal injury lawsuit involving playground equipment By Deborah Goonan, Independent American Communities   Many housing consumers don’t understand the hidden risks of buying into a mandatory membership homeowners,’ property owners,’ condominium, or cooperative association. One substantial risk is that owners and shareholders assume financial liability for legal expenses of their association, whether the HOA sues or finds itself as a Continue ReadingHOA Issue #1: Anyone can sue an HOA, and it can cost homeowners millions

Homeowners fight over money: $6K HOA special assessment

By Deborah Goonan, Independent American Communities Here we go again, with yet another HOA fight over money . The HOA board for Lincolnshire, a subdivision in Mission, Kansas, recently proposed a $6,000 special assessment to repair roofs, gutters, and chimney caps on its 33 townhouses. But under protest of homeowners, that proposal was rejected by the board last Thursday. According to the details, published in the Kansas City Star, homeowners disapprove of current board president Ellen Hoerle, Continue ReadingHomeowners fight over money: $6K HOA special assessment