Buying a home in a community governed by a homeowners’ association comes with many benefits, but it can also bring a few unwelcome surprises, especially if your HOA hasn’t conducted an HOA reserve study. Without one, unexpected expenses can lead to special assessments, leaving residents to foot the bill for costly repairs or community improvements.
What is an HOA Reserve Study and why does it matter?
Normally, your HOA dues cover community improvements and repairs. In the case of big projects, however, HOAs may ask for special assessments to raise the needed funds, and that means more money out of your pocket. Here’s the good news: Some developers take steps to protect homeowners from these surprises through what’s known as a reserve study. This HOA reserve study is a professional analysis of all the major community components (and any future plans) that predicts when repairs and improvements will need to be made and how much it’s likely to cost. This allows the HOA to cover large expenses in advance, helping homeowners avoid special assessments.
Most HOAs Don’t Perform Reserve Fund Studies
Unfortunately, many HOAs skip the important step of doing a reserve study to determine and prepare for future costs. This often means that homeowners wind up footing the bill down the road in the form of special assessments. Special assessments are additional costs added to your usual HOA dues that are used to cover emergencies, major repairs, and community improvements.
Sandbrock Ranch Already has an HOA Reserve in Place
As just one of the many ways Sandbrock Ranch has invested in the long-term quality of life of its residents, the Sandbrock Ranch developers conducted a comprehensive reserve study to evaluate the community’s future maintenance and repair needs. Based on that analysis, they funded the HOA reserve account in advance to cover many of the anticipated costs. This thoughtful planning means that large-scale repairs and improvements have already been accounted for financially helping keep HOA dues predictable and reducing the likelihood of costly special assessments in the future.
What does this mean for you, the homeowner at Sandbrock Ranch? It means that your HOA dues are less likely to change, that you can plan for your financial future without worrying about how to avoid HOA special assessments, and you and your family will be secure in the knowledge that your community is well prepared for the future.
When you buy a home, you’re buying more than just a house. You’re buying a future for your family and a place to make memories that last a lifetime. You’re also making a financial investment, and at Sandbrock Ranch, we believe that it’s our duty to make sure that investment is a good one. That’s why our community is designed to support and care for homeowners at every level.
Learn more about how Sandbrock Ranch is setting the standard for HOA responsibility, or join our community today by taking a tour to see the beauty, the amenities, the togetherness, and the peace of mind that our homeowners enjoy. See why our “Live True” lifestyle makes Sandbrock Ranch a community like no other.
