How to Try and Lower HOA Fees
Homeowners association fees can be a pain in some buildings, and they probably seem set in stone, right? Wrong! The Tulsa local movers have a few insider reasons on why you should never settle for paying the HOA fees as told to you—there is likely always some room for negotiation. The hard truth is that HOA fees are paid by money out of your (and your neighbors’) pockets, and when you consider everyone living in the building has their own life to tend to, the legitimacy of HOA fees can sometimes fall by the wayside. Consider the HOA as a budget for the building—and most budgets have areas where they can be cut. Here are some tips on how you can have an impact on what you pay the HOA.
Ask to see the budget. If you are buying a unit, or already own a unit, you have a right to see the budget. Request a copy and check it over. Have questions? Direct them to the HOA president.
Join the board. Taking a proactive role on the HOA board is a great way to get an insider look at where the monies collected are going.
Review contracts. Generally, condo buildings make arrangements with vendors to perform specific jobs throughout the building. In some instances, the agreements with vendors have been in place for years, and might either be outdated or exorbitantly agreed on based on the market peak.
Cut down landscaping costs. No pun intended. Most likely, the grass and other greenery is being tended to several times per week—something that can be performed less frequently while still ensuring the building looks aesthetically pleasing.
Check out the insurance premiums and property management fees. These are big expenses for condo associations—but are you paying too much? Get quotes from competing management and insurance providers to see where your current spending stands, and if some changes are in order.
Put off non-essential projects. Sure, new lighting fixtures in the hallway and lobby are pretty- but are they immediately necessary? Budgeting these things can help reduce current spend and can be saved up for rather than splurged on immediately.
In most cases, the HOA will welcome your assistance. However, coming in and trying to cut spending and expenses might rub some people the wrong way. Understand that the protocol for this is generally a vote by the board. Talk to your HOA president, treasurer or other board member. Tell them your goal is to simply explore possible ways to lower the association’s cost for everyone’s benefit. A little bit of legwork may save you — and your neighbors — some money every month.