After radio silence since rates were raised in 2022, the HOA suddenly decided that there were repairs that were going to need to be made immediately this year. Homeowners were informed about this in May, and the invoice of $18,500 was issued on June 1st, with a payment due date of August 1st, 2026.
This is a substantial cost to be paid on short notice for almost anyone. Roughly 30-40% of Americans would have difficulty covering an unexpected $400 expense in cash. While many homeowners will have more savings than the average person, very few would have an emergency repair fund that would cover a bill of $18,500. This would leave little option but to take out a loan or remortgage the house in order to pay.
When various members of the HOA appealed the cost, the HOA simply responded that there would be a lien placed on the homes of non-payers.
Author: Kayitsi.com
