need HOA information

[retailman Member Find all posts View Profile Close retailman]

I know it will vary, but would like to know what percent of total maintance goes to the unit you are paying for as owner?


The reason for my question is I am at Houses of Summer Bay now and can not
beleive the issues that need to be corrected. This unit must have 1000 a week levy
Which would be 50000 a year. Where is the extra money going?

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

The HOA should send you a budget to tell. You should be able to get it by calling the resort management team, if they can not provide it, send them a nice mail ask for it cc the local real estate AG that resort located.

You may not see the detail, but should give you some idea, look like the whole building will be remodeled, and it will go through some kind of contractoring process, which may very well end in the ones that closed to the management company.

Jya-Ning

[Carolinian Super Moderator Find all posts View Profile Close Carolinian]

I know it will vary, but would like to know what percent of total maintance goes to the unit you are paying for as owner?


The reason for my question is I am at Houses of Summer Bay now and can not
beleive the issues that need to be corrected. This unit must have 1000 a week levy
Which would be 50000 a year. Where is the extra money going?

If you are there now, go to the office and ask for a copy of the budget and any other financial records you want to look at. As an owner, under state law, you have a right to inspect and copy them. Also board minutes.

[timeos2 Senior Member Find all posts View Profile Close timeos2]

I know it will vary, but would like to know what percent of total maintance goes to the unit you are paying for as owner?


The reason for my question is I am at Houses of Summer Bay now and can not
beleive the issues that need to be corrected. This unit must have 1000 a week levy
Which would be 50000 a year. Where is the extra money going?

There will be a part of the $1000 that goes to operations - some to taxes and some to reserves. The Operations portion tends to be used largely for personnel (not tied to any unit) as well as utilities, insurance and other consumable expenses. The taxes are unit value based - out of control of the HOA - while the reserves are usually set aside for unit/resort capital expenses. Remember you have to pay to maintain and operate all the common areas & often costly features on site in addition to upgrading and maintaining the individual units. A big clubhouse, water features, anything on site can be nice to have/use but will have a cost to operate and maintain. I worry about resorts like Orange Lake that have super expensive common features paid for initially by the developer. Once they need repair/replacement it will shock owners what the costs will be & they alone will pay for it then.

In actual experience over the past decades with timeshare units it is not at all unusual to spend $30-$40K per unit for "standard" stuff like furnishings, electronics, appliances, carpeting, soft goods, etc in a major renovation. Figure $50-$60K if you get into walls, cabinets, plumbing, counter tops, etc which does come up every 15-20 years no matter how well built originally.

It is tough to tie exact amounts to any unit - you need to look at the totals spent/budgeted and then divide it by the number of units to even guess. It will shock you how much it quickly adds up to.