Most HOA boards I’ve experienced are concerned with keeping assessments as low as possible. The residents like it that way and usually squawk at even a hint of increased fees, no matter how small. That’s all fine until they start deferring maintenance and ignoring reserves. The HOA neglect of their fiduciary duty always catches up and results in either huge special assessments, insurance premiums that amount to highway robbery, tragedies like Surfside, or some combination thereof.
If you are looking to buy a condo and the reserves are underfunded, walk away!
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