Cost-Cutting Tips to Lower HOA Assessments

Published: 12/20/2021

- by Alana Ashby

1. Examine existing vendor contracts. Ideally, vendors should be contracted each year so that the HOA can renegotiate for better terms. You want to pick vendors that deliver better service at more reasonable prices.  

2. Eliminate wasteful spending. Determine whether certain expenses are essential for the community.  

3. Examine utility bills. You can implement some HOA rules such as turning off lights and fans when a common area is unoccupied or shutting off faucets when water isn’t needed.  

4. Review your insurance coverage. Consult with your HOA management company or insurance provider to get the best rate for your association.  

5. Defer non-essential community projects such as upgrades to the community. You will still need to complete projects such as a major roof repair in order to keep property values up.  

6. Reduce reserve contributions. Only HOAs that have fully-funded reserves should consider scaling back their contributions.  

Alana Ashby, CMCA and owner of AMI, helped to establish and served as a Board Member for Community Associations Institute (CAI) Idaho Chapter. Alana has extensive experience in all aspects of financial management, real estate development and management, as well as negotiation.  

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