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:
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.
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