HOA Living Part 3 of 5 ~ The Annual Meeting

Ok there are three way's this can go... depending on the HOA you live in.
1. You will have no one show up and nothing will get done. Because no one cares.
2. You will have everyone show up with Pitch Forks and Torches ready for battle. Because they only seem to care once a year.
3. You will have everyone show up listen attentively and put their heads together and make decisions on what needs to be done, vote, conduct business and everyone will leave happy because there is a plan in place. 

I have lived in all three of these kinds of communities.

Here is an example of what the Annual Meeting is supposed to be, and what is supposed to happen.


You go over the agenda. Usually it is Delinquency of Dues in the complex. Not saying who, but how much is past due. Then you go over the income and the budget. and discuss what needs to be done at the community to keep up the property values and address major concerns.  Then you go over the Balance Sheet of what the community has to address these expenses.

This is where you as an owner see the full disclosure of where your funds are going. You can help by seeing where cuts can be made or if there is a way to save money. 

Most complexes if there are major capital improvements that need to be done you may have to discuss the dreaded special assessment.  These are imperative however because if you want your community to be approved for FHA status you need to maintain your community so in the future you can sell your home to another first time home buyer.

Here are some examples. 
1. Parking Lots/ Roads and Sidewalks.  These have to be maintained.
2. Foundation work on Units and Roofing. You would not your house sinking, flooding or leaking would you?
3. Common Area maintenance. This includes club house, tennis courts, pools, fitness rooms, landscaping, sprinkler systems and so on. Yes even if you do not use them personally they are part of the common areas and you need to help maintain them. You live there.


Then you need to elect board members, people who will serve your community WITH OUT PAY to make decisions on what is important and what needs to be done.  You want people with the ability to serve and with some expertise in business, real estate, accounting, community service and so on. 
I encourage all my home buyers and owners in my community to serve one term. It is an eye opening experience and it is REWARDING.  That is why I do it in my communities that I have lived in. 

These meetings are not to come in and complain about what is not being done or who you have a problems with. Those issues and concerns should be addressed at the monthly meeting with the HOA Board members.  Annual meetings are to conduct business and set priorities. 

I hope you find this helpful. 

If you have questions or comments feel free to post.