Homeowners Associations and What to Know

Posted by Colorado Group Realty on Wednesday, October 18th, 2017 at 10:56am.

Steamboat Springs, CO -

When you buy into a Homeowners Association (HOA), your membership is mandatory. HOAs are governed by volunteer boards of directors who hold the fiduciary responsibility to act in the community’s best interest. Many associations have outside management companies and are required to be licensed in the State of Colorado. HOAs are run like businesses: members pay regular fees for annual operating costs and special assessments for larger capital expenditures (such as roofing or painting). Budgeting and planning are critical elements in running a successful association.

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