Top Concerns for HOA Board Members – Part 2

We look forward to your questions and thoughts.

Photo by Veracity, Inc., HOA property management services including financial services based in the Dallas Fort Worth Texas area.

Here are four more key issues, with three more to follow in Part 3, next week.

Maintenance and Repairs: Maintaining common areas, amenities, and infrastructure requires careful planning, budgeting, and oversight. Delayed maintenance can lead to deterioration of property values and increased expenses in the long run.

Legal Compliance: HOAs must comply with federal, state, and local laws, as well as their own governing documents. Staying up to date with changing regulations and legal requirements can be challenging, particularly for volunteer board members who may not have legal expertise.

Vendor Management: Hiring and managing vendors for services such as landscaping and maintenance requires vetting, contract negotiation, and supervision to ensure quality and cost-effectiveness.

Reserve Fund Planning: Planning and funding reserves for future repairs, replacements, and major projects are essential for the long-term financial health of the HOA. Balancing current expenses with the need to save for future obligations should be planned and accounted for in the annual budget.


Financial Tips for HOA Board Members

Ten insights that help board members have peace of mind.

  • Developing a budget to monitoring expenses
  • Maintaining adequate reserves to communicating transparency

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Have peace of mind when your HOA property is managed by Veracity, which has been providing HOA boards with property management services in the greater Dallas Fort Worth TX area since 2005.

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