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Mom Confessions Mom Confessions

Holy crap I think we've been overpaying

Anonymous
Posted by Anonymous
  • 14 Replies
I live in what's considered a master planned community. Basically it means we have close to 10,000 homes and we have nice amenities. We pay 3000 a year in HOA dues and today I received our monthly newsletter and it mentioned that they are replacing the barriers along the railroad tracks and that it was going to cost 3.5 million bucks but since they have that in the reserve account they don't need to ask us homeowners for more money.

On one hand I like that there was money to cover something like that but another hand I can't believe they had that much money sitting in accounts!
Posted by Anonymous on Aug. 5, 2014 at 9:55 PM
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Replies (1-10):
smurfette1903
by Goat Herder on Aug. 5, 2014 at 9:57 PM
Surpluses are used in case of emergency. ..like storms or other natural catastrophes. It helps the community returned to normal at a faster pace.
AjMorczek
by Member on Aug. 5, 2014 at 9:59 PM
2 moms liked this
Sounds like they are responsible and not wasting your dues.
hautemama83
by Emerald Member on Aug. 5, 2014 at 10:02 PM
1 mom liked this
Well I think HOAs are ridiculous regardless. But at least the money is going towards something that improves your living quality.
ktwister
by Silver Member on Aug. 5, 2014 at 10:06 PM
A good HOA should have a decent sized reserve account.
Anonymous
by Anonymous 2 on Aug. 5, 2014 at 11:21 PM
They know that they'll need to replace the barrier every so often, so they budgeted accordingly. What's wrong with that?
PinkButterfly66
by Emerald Member on Aug. 5, 2014 at 11:29 PM

$3000 in HOA fees?  Do they do your landscaping?  Do they do snow removal? Do you have a health club and pool?  If you're not getting any amenities back then yeah you're paying too much.

Anonymous
by Anonymous 3 on Aug. 5, 2014 at 11:30 PM
1 mom liked this
Well, if there are 10,000 homes each paying $3000/year in dues, that is $30 million per year in revenue. I would be floored if they did NOT have the $3.5 mil.
Anonymous
by Anonymous 1 - Original Poster on Aug. 5, 2014 at 11:33 PM
We have 4 resort style pools, a tennis court, a gym with on site daycare. They landscape the common areas.

Quoting PinkButterfly66:

$3000 in HOA fees?  Do they do your landscaping?  Do they do snow removal? Do you have a health club and pool?  If you're not getting any amenities back then yeah you're paying too much.

Anonymous
by Anonymous 1 - Original Poster on Aug. 5, 2014 at 11:33 PM
You're right they should, it was just a shock that they could pull out 3.5 million bucks out of their ass.

Quoting Anonymous: Well, if there are 10,000 homes each paying $3000/year in dues, that is $30 million per year in revenue. I would be floored if they did NOT have the $3.5 mil.
Anonymous
by Anonymous 3 on Aug. 5, 2014 at 11:36 PM
Yeah, but you have to consider total annual revenue compared to this expenditure. It really isn't that much if you think about it.

Quoting Anonymous: You're right they should, it was just a shock that they could pull out 3.5 million bucks out of their ass.

Quoting Anonymous: Well, if there are 10,000 homes each paying $3000/year in dues, that is $30 million per year in revenue. I would be floored if they did NOT have the $3.5 mil.
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