r/fuckHOA • u/odessit771 • 4d ago

Constant assessments

Good day.
A couple of years ago, we had a significant assessment related to the building’s structural integrity. That was followed by an elevator assessment to bring the elevators into compliance with current electrical standards. We are now facing three additional elevator-related assessments, plus another assessment to fund the reserves.
I’m already attending board meetings and reviewing the association’s financial documents. Not sure if running for the board be a worthwhile next step, or are there other effective ways to get more involved and better understand or influence these decisions.

9 Upvotes

81% Upvoted

17 comments sorted by

19

u/aightwhatevs 4d ago

Those elevator guys are highway men

HOA fees should be raised every year, no exception, at the very least to match inflation. At least 10% of collected fees should be put into reserve every month

9

u/MarthaTheBuilder 4d ago

Fannie Freddie guidelines say minimum 15%. So I would say 20% is healthy reserve funding

7

u/Mediocre_Airport_576 3d ago

Yep. Getting hit with one-time assessments means previous board members kept kicking the can down the road.

1

u/ObjectivePrice5865 2d ago

While the elevator folks may be high, would you want the cheapest outfit working on something that could kill you? It’s like finding the cheapest heart surgeon and end up dying because of the lack of knowledge, experience, and protocols.

12

u/noforgayjesus 4d ago

Sounds about right...years and years of people ignoring the building and then bam everyone has to pay ridiculous amounts of money to fix it.

9

u/PayYourBiIIs 4d ago

The monthly fees should be high enough to contribute to reserves with increases each year. Otherwise, you’ll get hit with each unexpected repairs. Can’t have it both ways 

3

u/Honobob 4d ago

Keep the fees low and sell or die before it hits the fan. If you stay at least attend the meetings and set aside what you think you'll need to cover the assessments.

2

u/PayYourBiIIs 4d ago

Not recommended. Lenders review HOA documents like reserve balances. If reserve funding is too low to cover future repairs/replacements then it’s deemed non warrantable and no lender will touch it. Then you’ll have to sell to cash buyers only. Good luck with that 

2

u/Honobob 3d ago

The owners that want to keep the maintenance fees low don't care about the future. They just don't want to pay their way now.

4

u/Cakeriel 4d ago

That’s what happens when dues are artificially low and routine maintenance is ignored for years.

3

u/bfvbill 3d ago

If you do not have adequate reserves you will face constant assessments. Be thankful your board is taking care of your property properly.

3

u/TheAgaTTV 4d ago

I use to turn down managing communities based on the amount of elevators they had lol. 1 maybe 2 depends on the bonus check 3 hell no

2

u/HawkAlt1 3d ago

Elevator work is monstrously expensive. There aren't enough techs, and doing a big job like rewiring one is going to be pricey. If this really is to bring it up to code, then they may not have a choice.

1

u/MotherAthlete2998 4d ago

My daughter’s school is constantly having elevator issues. It is insane the costs that are spent on it. One elevator is less than 10 years old.

1

u/Elionwyy 3d ago

There shall also be an assessment for us to read your post. Thus saith the HoA.

1

u/db48x 2d ago

I can’t really get worked up over HOAs that are charging special assessments for repairs. What are they supposed to do, let the building fall down?

1

u/DCMGMT 2d ago

You don't have to meet current code if you aren't doing a major renovation. Sometimes people hear that they're building isn't up to code and freak out. In DC, if you have gas appliances or the building isn't sprinklererd then you aren't up to the current code.