Proof Your HOA

The proof is in the pudding. So what proof do you have that your Homeowner Association (HOA) is recession proof? A good place to start would be reviewing your HOA’s financial stability and sustainability plan. It should include a detailed analysis of past, present, and future trends for both revenue and expenditures as well as a plan for how it will respond to any changes in those trends. The following are a few tips to help you proof your HOA…

incoming tornado stormPlan for an emergency

Do not just hope that it never happens. Develop a contingency plan to help you proof your HOA in the event of major emergencies, such as natural disasters or changes in legislation. Reviewing and updating this plan on a regular basis is key so you do not find yourself scrambling when something unexpected comes up.




neighbors being friendlyBe honest

Refrain from making unrealistic promises to proof your HOA members. Being forthright about potential challenges and concerns can help you communicate effectively with residents, which will serve as a foundation for resolving issues that may arise in the future.





dad and daughter painting houseListen to your building

From large fixes to general wear and tear, these are things that can escalate over time and don’t stop for a recession. You know your community best, so if there is something you know will cost a lot down the road, tackle it before the recession while funds are more stable.





Plan ahead for the future, develop a contingency plan, be honest about challenges and concerns and listen to your building’s needs for maintenance.