What happens if one of the common areas in my homeowners association needs to be repaired or replaced?
Well-managed HOAs will normally include an amount for reserves in their annual budgets. In this way, a portion of the assessments you pay is set aside and builds up over time to pay for expensive repairs or replacements. You should review the HOA’s financial statements to determine if this is true for your HOA.
Related Questions
- Which roads and common areas are privately owned, maintained and plowed by Covington Homes Association versus public roads that are owned, maintained and plowed by VDOT/Commonwealth of Virginia?
- What happens if one of the common areas of Shelter Bay must be repaired or replaced?
- What happens to the Homeowners Association fees when the SSA is activated?
