HAPPY HOLIDAYS!!!


Please Try The SearchBox Above For Additional Info Within This Site

HOA Assessment:
Your wallet Is On The Line!

HOA Assessment is a “special” [read: “extra”] 



allocation of a proportionate individual share of a common expense that will benefit the whole community or the complex -- depending on what the circumstance might be – however this expense is, at the same time, unusual and large. Consequently, it is not funded through the budget covered by the regular maintenance charges.


Besides the routine maintenance, there are occasions on the life of a building that it will need an overhaul. It can be the roof or perhaps external walls painting.

In a subdivision it can be the overhaul of the swimming pool, clubhouse or any other major undertaking not covered under routine maintenance and budgeting.

In a small development it also may have the need to repave the streets.

Nothing repeals a potential buyer than crumbling asphalt in a development.


HOA Assessment: Your wallet is on the line!

These large projects will call for extra funds and they are raised through an “assessment.”

(NOTE: In some areas the “normal” fees are also referred as “monthly assessment.” And the raising of these “additional fees” will then be called “special assessment”)

It is necessary to be clearly understood that:
a) assessments or “special assessments” will be above and beyond the “normal” monthly dues
b) It can be expensive and it can be in place for a long time

So there is enough reason for you participate in the HOA meeting – but if ever hear even rumors about “assessment” jump in and get the scoop because your wallet is being targeted.

In my page Condominium” I point out in a situation I almost jumped in into a big assessment to the tune of $1,5 million to be paid in 15 years.

I would have instantly increased my cash outlay by $120: in 15 years it would amount to real dough.



It is the law: Assessments must be paid

Once a decision has been established to move forth with the HOA assessment, the homeowners almost never have any other recourse but to pay.

I have seen numerous cases of people who decide to fight their HOA assessments and read about many more of these law suits across the country however the HOAs virtually always win it is so much so that nowadays my recommendation is to go ahead and pay.

I know that are many homeowners out there contemplating to sue – just be aware that in the end, should you loose, you also will be stuck with the HOA’s legal fees as well.

Legal fees are not cheap - they can cost $10s of thousands… And will come out of your pocket as well (because it is almost certain you will loose)

I have said before and I think it is worth repeating: the best approach is to get involved with the association, attend the meetings, participate in the input of what is coming down the pipe.

Get to know the decision makers. Try to talk with them one-on-one level, not in confrontational fashion meeting.

Research your point of view and bring printouts to support it. Offer alternatives. Suggest creating a reserve fund. Offer alternatives. Suggest creating a reserve fund above and beyond the boundaries of the HOA budget.

Keep in mind - It is the law: Assessments must be paid

Again, remember one of Thomas Jefferson’s Ten Commandments - “Take things always by their smooth handle.”

Buyers be aware…

In case you are fresh just looking to buy into a new place, there is no better time to ask questions and request for documentation about the HOA’s budget – you are entitled to it as a prospective buyer that soon will be bound to pay for such expenses – if any is upcoming.

There are some associations that are more forthcoming than others, some times it takes a few attempts to get the information you need – but you owe it to yourself to be darn sure what you getting into before you sign on the dotted line.

That is one sure thing to keep your home buying experience in the exhilarating side.

Please keep it very clear in mind: It’s the Law! Condo assessments must be paid.



“Assessment” equals “bad budgeting.”

My humble take is that “assessment” equals “bad budgeting.”

If you will spend a couple of weeks wondering across a desert, you just cannot carry water for only three days.

Community leaders live there, so there is no excuse “not to see it coming:” It is much better to slowly build a reserve fund that will not be a sudden painful jolt of hundreds of dollar all at once.

HOA officials seem to be naive or incompetent because they keep coming up with assessments time after time. Things would be smoother if they would take a long view of things and budget accordingly – A large community cannot simply manage crises.

As a said consequence, complaints and calls of foul plays are heard all over the map.

The AARP has taken issue with saying that many of their members have been treated not so nicely by HOA assessments. They have put forth a document that they wished would become the basis for legislation across the country for fairness in this level of governance.

It is called AARP Owner’s Bill Of Rights, to read it please click on link.

Unfortunately I do not see it getting much traction

FYI: In GA the law does not authorize the board of directors to impose:

(1) A special assessment fee per unit in excess of an average of $200.00 per fiscal year without the approval of a majority of the unit
owners; or

(2) A monthly maintenance fee increase in excess of the percentage equal to the annual rate of inflation as measured by the Consumer
Price Index for All Urban Consumers for the immediately preceding 12-month period may be disapproved by unit owners holding a majority of the association vote.

It pays to be aware and ask about what is the law in your neck of the woods.


Wrapping Up Thoughts

As of March 2011 an estimated 62 million Americans make their homes in more than 300,000 homeowners and condominium associations, cooperatives and other planned communities,according to the Community Associations Institute (CAI), a trade group.

So it is almost inevitable that sooner or later either you or someone you know will be living under an HOA spell.

None of the moneys paid for a HOA assessment will count towards the mortgage payment [not of the principal nor the interest] to the bank or any other lender.

I think the best approach is to be proactive in the community and get information about of all is happening – hey, who said home ownership is worry free?

Off course the expenses covered are the special HOA assessment, the normal fees assessment have a separate overview on my page “HOA Dues” please click on this link to visit it



An HOA can make your staying in their community an enjoyable experience …or it can make you to repent of ever having a thought of purchasing that home. 

So the more you educate yourself about your future home owners association the better you can hedge yourself against future headaches – here are additional “pages of knowledge” that might prove valuable down the road:

HOA
HOA Enforcement
HOA Tips
HOA Cannot Discriminate

HOA Foreclosure
HOA Foreclosures
HOA And Leasing
HOA Dues


Visitors’ Corner:
Share YOUR Tips,
Comments And Questions

Now it is YOUR turn: Please give us your input!

Do you have some great comments on this topic you would like to share? Any question burning on your head? I would love to publish

YOUR HOA Assessment Power Story or Tips

Share it here and now! No membership required. No signing in bugger here. Anyone can contribute. Yes, even professionals in the field – lawyers, social workers, mortgage consultants or even other fellow real estate agents!

Everyone is welcome: Just open your heart!

I’d love to hear from you – simply click and follow instructions below




JC Fagundes, Associate Broker
EQUAL SERVICE TO ALL.
Residential. Commercial. Investments.
Ph: 404 255 8655



› HOA Assessment

Return To The Top Of This Page

Disclosures

Contact Us

JC Fagundes - Agent at American Realty Professionals

To Search All Georgia Properties Listed
On This Site, Please Click Here:

Sitemap


To Calculate Your Mortgage Monthly Payments, Please Click Here:
Mortgage Monthly Payment Calculator


"All Real Estate Is Local:"
Here Are
Homes For Sale
In Many Communities
Around Atlanta that I specialize.
I Also Will Be Honored
To Serve As Your Agent -
If You Still Do Not Have One To Represent You.
Immediately below You will find links to daily updated for ALL homes for sale
in the following areas:


HOMES
FOR
SALE


Homes Listed
BY COUNTY:

Homes For Sale In 
Cobb Co

Homes_For_Sale_In
DeKalb_Co

Homes_For_Sale_In
Fulton_Co

Homes_For_Sale_In
Gwinnett_Co


Homes Listed 
BY CITY

Links To
Single Family Homes
For Sale  
In Alphabetical Order

By City:

Homes For Sale In
Acworth

Homes For Sale In
Austell
Homes For Sale In
Alpharetta

Homes For Sale In
Atlanta
Homes For Sale In
Avondale
Estates

Home For Sale In
Buford

Home For Sale In
Centerville
Homes For Sale In
Chamblee

Home For Sale In
Dacula

Homes For Sale In
Decatur

Homes For Sale In
Doraville
Home For Sale In
Duluth

Homes For Sale In
Dunwoody

Home For Sale In
Grayson

Homes For Sale In
Hapeville

Homes For Sale In
Johns Creek

Homes For Sale In
Kennesaw
Home For Sale In
Lawrenceville

Home For Sale In
Lilburn
Home For Sale In
Loganville

Homes For Sale In
Mableton

Homes For Sale In
Marietta
Homes For Sale In
Milton

Home For Sale In
Norcross

Home For Sale In
Peachtree
Corners

Homes For Sale In
Powder Springs

Homes For Sale In
Roswell

Homes For Sale In
Sandy Springs
Homes For Sale In
Smyrna
Home For Sale In
Snellville

Homes For Sale In
Stone Mountain

Homes For Sale In
Vinings


CONDOS
FOR
SALE


Condos Listed By County
Condos For Sale In
Cobb County

Condos For Sale In
DeKalb County

Condos For Sale In
Fulton County

Condos For Sale In
Gwinnett County


Condos
Listed
BY CITY

Links To Condos, Townhomes and Lofts
For Sale
In Alphabetical Order
By City:

Condos For Sale In
Acworth

Condos For Sale In
Alpharetta

Condos For Sale In
Atlanta
Condos For Sale In
Austell

Condos For Sale In
Avondale Estates

Condos For Sale In
Chamblee

Condos For Sale In
Decatur

Condos For Sale In
Doraville

Condos For Sale In
Dunwoody
Condos For Sale In
Hapeville

Condos For Sale In
Johns Creek

Condos For Sale In
Kennesaw
 
Condos For Sale In
Lawrenceville

Condos For Sale In
Lilburn

Condos For Sale In
Loganville

Condos For Sale In
Norcross

Condos
 For Sale In
Mableton

Condos For Sale In
Milton

Condos For Sale In
Marietta
Condos For Sale In
Peachtree Corners

Condos For Sale In
Powder Springs
Condos For Sale In
Roswell

Condos For Sale In
Sandy Springs
Condos For Sale In
Snellville

Condos For Sale In
Smyrna

Condos For Sale In
Stone Mountain
Condos For Sale In
Vinings


Commercial
Properties
FOR
SALE


Links To Commercial Properties For Sale Or Rent: 
COBB COUNTY HUB
Commercial
Properties

For Sale/Rent In
Cobb County


DeKALB COUNTY HUB
Commercial
Properties
For Sale/Rent In
DeKalb County


FULTON COUNTY HUB
Commercial
Properties
For Sale/Rent In
Fulton County


GWINNETT COUNTY HUB
Commercial
Properties
For Sale/Rent In
Gwinnett
County



Related Pages With
Great Useful Info
to Newcomers and old-timers in these areas - where I work:

COBB HUB
Cobb County Homes For Sale


DEKALB HUB
DeKalb County Homes For Sale


FULTON HUB
Fulton County Homes
For Sale

Sandy Springs Homes For Sale


GWINNETT HUB
Gwinnett County Homes For Sale


To Calculate Your Mortgage Monthly Payments, Please Click Here:
Mortgage Monthly Payment Calculator


To Search All Georgia Properties Listed
On This Site, Please Click Here:
Sitemap