HOA’s can be great if you have the right board and management, but does this combination happen often? I don’t think so.
Given the number of lawsuits and attempts by lawmakers to reform and add new legislation, this shows there is a serious issue.
So why are homeowner associations even a thing?
At their core, HOA’s are established to maintain the aesthetics, property values, and overall quality of life within a community. The HOA’s elected board members serve as the governing body, establishing and upholding rules and regulations that all residents must comply with.
The biggest problem with HOA’s is when board of directors do not have the business skills it takes to run a non-profit corporation. Creating issues such as increasing costs for members, depreciation in property value, aged aesthetics, favoritism and corruption.
Thankfully, several key bills have already passed, with additional new ones on the way to help protect homeowners.
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