Let's consider some tips to help you make better use of your Association's funds...
The most efficient way to have money, is by never spending it in the first place! Everyone want’s to save, and your HOA is certainly no exception to that Rule.
Top HOA Money Saving Tips:
One of the biggest expenses an association can have is insurance.
Explore different insurance companies to see if you can find a better rate for the same or better coverage.
See if your HOA can afford to raise your insurance deductibles so as to reduce your monthly premiums.
You can save energy by using timers and motion detectors on lights and having energy efficient light bulbs like compact florecents or LEDs.
Why not check around common use areas to see if there are pieces of equipment that can be turned off or unplugged altogether?
Water can be saved by asking homeowners to check for leaks around their home, such as hose bibs and toilet stoppers.
You can also adjust sprinkler systems to water for longer periods of time but only a couple of days a week, instead of 15 minutes or so every day.
This allows more water to saturate the soil and plants roots to grow deeper, which in the long run saves you money because they will require less watering.
I know we said you can have money by spending less, but sometimes spending more now, can mean less later.
For instance, you may spend more on better building materials, but over time you will be glad you did when those materials last two or three times as long. This, along with regular upkeep, can prove to be an extremely valuable investment.
Your HOA may be able to save money on services like internet/phone services or waste removal just because of the size of your community.
Check with these service providers to see if you can negotiate a volume discount and a rebate if you are a larger community that provides them with a lot of business.
Prepare for the Future
And finally, perhaps one of the most important ways to limit the chance of sudden, unexpected, and very costly expenses, is by having adequate preparation (especially when it comes to major repairs or renovations).
Have a Reserve Study conducted by a professional that includes an On-Site evaluation at least every 3 years.
This will help you to see areas of your community that may need maintenance that have possibly gone unnoticed.
This will then help you to put into motion a financial plan that will cover these expenses without putting a burden on either the Association or the homeowners in the future.
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