Help keep the lid on HOA fees - join the board

Many home buyers turn away from potential properties once they discover the amount of the home’s homeowners association fees. This added expense, when combined with mortgage payments, may put a property out of the reach of many buyers. As a homeowner, it is worth your while to explore avenues to reduce your HOA fees, not only to lower your current monthly expenses, built also to make your property more attractive to home buyers when it comes time to sell.

Remember that your neighborhood’s HOA board members are responsible for creating the HOA budget and negotiating with vendors such as landscape maintenance firms or pool services. As with any organization, they may or may not be doing a bang-up job.

The best way to ensure your HOA board is making every penny count is to become a member yourself. Though all property owners have the right to review their HOA’s budget, actual board members can do so with more scrutiny. As a board member you will have the platform from which to ask questions and review procedures, and can suggest ways to reduce expenses and thus reduce HOA fees.

Your first step as a board member might be to take a close look at all the contracts the board has made with service providers. Are these agreements outdated? Are any of them sweetheart deals with firms that have become entrenched over the years without new negotiations designed to lower the community’s costs? Are new competitors or technologies available that can perform the same service at a lower cost?

Homeowners have rights when it comes to fees. One of the most powerful is the right to become a board member and exert influence on your community’s spending habits. It can save you money now, and make your home more attractive to potential buyers down the road.