How often can they change?
2006-10-23 11:51:21 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Most are due quarterly. The HOA must meet, vote on and approve any increases.
2006-10-23 11:54:49 · answer #1 · answered by Irish Eyes 4 · 0⤊ 0⤋
Monthly.
Yes, they can be reassessed. Before you buy in, take a look at the financial statements for the past 3 years to see if they have a record of constantly raising. Also ask when the last time they raised the dues - if it's been a while, then an increase might be coming up.
Increases can be based on the balance in reserves. If there is a good reserve balance, then an increase may not be necessary. If these are condo/townhomes, then find out when the last major repair (roof, repaving) project was completed, because if one is coming up, then there may be an increase to cover if there isn't enough in reserves.
2006-10-23 13:44:54 · answer #2 · answered by LifesAMystery 3 · 0⤊ 0⤋
I will preface my answer by disclosing the fact that I am a licensed Realtor® in the state of Arizona.
It will vary from Homeowners’ Association to Homeowners’ Association (HOA). What you need to do to find out the answers is get a hold of the Covenants Conditions and Restrictions (CC&R’s) and the bylaws of the HOA, the information will be contained in there. It may also contain how much the HOA can increase your fees as well as how often they can increase them.
I hope that you found this information helpful.
Keep in mind that real estate laws vary from state to state.
2006-10-23 12:09:53 · answer #3 · answered by Stephen Newman 2 · 1⤊ 0⤋
Unless otherwise specified in the HOA CC&Rs, once a month... just like a mortgage. Nothing can change unless the board and the members of the HOA agrees to a change.
2006-10-23 12:20:31 · answer #4 · answered by linda z 2 · 0⤊ 0⤋
It all depends on the HOA. Annual, twice a year, quarterly or monthly-- its all what they decided when they formed the HOA.
2006-10-23 11:55:32 · answer #5 · answered by Anonymous · 1⤊ 0⤋