Florida has, over the years, seen its neighborhood grow from a sleepy village to a booming suburb. It also attracted commuters looking to eschew choked highways. Residents noticed the uptick in traffic and cars speeding down their streets. Sadly, there were even two fatalities. That's when the HOA decided to take matters into their own hands.
They installed flashing speed signs and more visible crosswalks. And using HOA fees, they hired a Florida Highway Patrol (FHP) trooper to patrol their neighborhood on his off days. He's written 4,500 citations in less than a year and reckless drivers have taken note.
There are many creative ways that an HOA can use fees.
One neighborhood in Temecula Wine Country had 2,420 super productive grapefruit trees on their property. They paid to have the orchard certified organic and now sell the fruit to local stores. The HOA takes care of watering and caring for the trees and the money generated is used to offset the fees that residents pay. A sweet win win (get it? Sweet).
Here are a few ways your neighborhood can use HOA fees in a positive and beneficial way.
In any case, maintaining transparency when it comes to fees, assessments, and other monetary transactions is critical.
Looking for ways to make your dues and fees go further? Consider analyzing your banking relationships. Download your free copy of our guide, What Every Property Management Company Needs to Know About Free Checking.