Condo Management Boston: Why you should pay your HOA dues
All homeowners have to pay homeowners association costs if they buy a house in a planned or gated community. This also applies to condo owners. That is the cost of living and they definitely don’t make anyone happy. The HOA also enforces rules which allow which color the homes should be painted as well as the types of mailboxes allowed. They also restrict the types of pets and decorations allowed on the properties. If people don’t follow through, then they can be fined or threatened with foreclosure.
This is done because they help keep property values up and maintain the resale value of the homes in the area.
Visible benefits from your dues
The biggest benefit from the homeowner dues is that they allow for the upkeep of the community’s common areas. This means the landscaping of all the greenery within the area. So if you see neatly mowed lawns, well-manicured shrubs, pruned trees and blooming flowers, then you know that your dues are being spent wisely.
The HOAs also operates all the local gyms, pools and other amenities. They also take care of all the other problems such as garbage, pest etc.
Not only that but they use them for the insurance of the condo and housing development. If anything happens within the common areas of the condo/housing society, then your dues will help pay for the coverage. It also protects when there is any other calamity.
If this is for a condo development, then it protects the buildings which house the units. However this does not mean that the condo owner is absolved from protecting the contents of the condo. In the event that there is not enough property insurance, then the homeowner/condo owner who was responsible for the damage will have to more than the dues.
Condo Management Boston: Liability insurance
Liability insurance is important because it protects the residents from any legal problems if someone gets injured on the property. This is the most important part of the HOA insurance policy which residents can’t do without. It also means that if someone is injured on a HOA member’s side of the property then the HOA will levy special assessments to raise the money for your case. This also means that if someone sues the leaders of the HOA, you will also feel the wrath of the courts. It also means that you would have to pay the assessment.
Basically the dues help everyone and protect you from paying larger amounts.
We hope you liked our post “Condo Management Boston: Why you should pay your HOA dues“.