What do your HOA dues pay for?

If you live in an HOA, you most likely pay dues, or the correct term, ‘assessments’. Some Associations, like Townhomes or Condos, have monthly assessments; others have annual or quarterly assessments. For those of you who are new to community living, you are probably asking ‘I have a mortgage, why am I paying assessments too?’
Assessments, regardless of their frequency, are an important aspect to running a community effectively. Each community has their own set of expenses, which are paid by assessments, some of the common expenses are:

• Common Area maintenance
• Management services (Covenant enforcement, administrative and financial recording, etc..)
• Common Area Landscaping
• Common Utilities
• Reserve Contributions
• DORA and Secretary of State Registrations

This is a brief list of what is covered by assessments. As mentioned earlier, each association has their own set of expenses. For example, Townhome and Condo Associations also apply assessments towards the exterior maintenance and repairs of their buildings.
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Diversified Association Management plays an important role in helping the Board of Directors manage the Association’s money according to the approved budget.

If you would like to obtain a full list of what is covered by your assessments, we recommend reviewing your Association’s current budget. You may also contact your Community Manager for a better understanding of your Assessments and how they help your community.

Thanks for Reading!

Brittany Hampson - Community Manager