Concerns about HOAs
Recently the Daily Herald has reported on severe problems relating to the Silver Lake Village HOA. The issues they bring up are very real and will dramatically affect the quality of life for the residents of that HOA.
Given the problems in that HOA it would be understandable for home owners in The Ranches to wonder if our association could face some of the same challenges. For those who may be concerned there are several ways in which The Ranches differs from the plight of Silver Lake Village and reasons why The Ranches is fiscally sound.
- The Ranches is home owner controlled. The homeowners elect new Board members every year. If the Board fails to serve the homeowners they have a way to remove Board Members and to replace them.
- The Board of Trustees is committed to maintaining a fiscally sound association, and to ensuring the reserves are funded. This means that the chance that the Association would face significant financial problems is reduced because of prudent planning and the commitment of the Board to conservative management of the HOA.
- HOA dues cannot be increased by the Board by more than 8% per year without approval from the homeowners. Despite rising costs HOA dues in The Ranches have never increased.
- All meetings of the HOA are open to the public and we encourage homeowners to attend.
- All of the governing documents are available online, including our past and current budgets, CC&Rs, Newsletters, and Meeting Minutes. The Board strives for transparent and open HOA.
- While many HOAs are facing large delinquencies including rates up to 35%, The Ranches delinquency is still fairly low at about 15%. We are committed to working with homeowners facing financial hardship and ensuring that investor or bank owned properties pay their assessments as well.
Hopefully as a homeowner you can feel confident that your association is being run in a responsible way and that the association is fulfilling its mission of maintaining property values. There are always ways we can improve and the Board is actively working on many issues. Hopefully the problems being faced by other associations in our area will serve as a reminder for all of us to become more involved in our associations.
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