Understanding Association Fees: A Complete Overview

An overview of community association structures

Intro

Understanding association fees can feel like trying to find your way through a maze, especially for those venturing into property ownership for the first time. These fees aren’t just another expense to tack on; they embody the heartbeat of a community’s operations and services. As a potential homeowner or investor, grasping the essence of these fees is crucial to navigating real estate effectively. That's why this guide aims to untangle the complexities surrounding association fees and provide clarity on their purposes, structures, and the impact they can have on your investments.

From maintenance of communal spaces to funding major repairs, association fees play a pivotal role in maintaining property values and enhancing the quality of life for residents. However, with benefits come potential pitfalls, and knowing both sides will empower you to make informed choices in the realm of real estate. So, if you're ready to dive into the murky waters of association fees, strap in; there's plenty to cover.

Investment Terminology Overview

When discussing association fees, it’s essential to familiarize oneself with the lingo often thrown around. Without understanding the terms, navigating the nuances can feel like reading a foreign language.

Common Terms Explained

HOA (Homeowners Association): An organization in a residential community which makes and enforces rules for the properties and its residents. Residents typically pay periodic fees to the HOA for maintenance of common areas and community services.
Condo Association: Similar to an HOA, but specific to condominium developments. Fees here often cover maintenance of shared spaces such as pools and gyms, in addition to utilities.
Special Assessments: Extra charges added on top of regular dues for necessary projects that exceed budgeted amounts, like roof repairs or resurfacing parking lots. Being hit with a special assessment can be a financial shock, so it's crucial to stay informed.
Dues: These are regularly billed fees that members of an association must pay, generally on a monthly or annual basis.
Reserve Fund: A pot of money set aside for future major repairs or improvements. Think of it as the association’s safety net; a well-fueled reserve fund could save residents from special assessments down the line.

Advanced Concepts and Jargon

For seasoned investors, digging deeper into the specifics of association fees can yield better insights into property value and management efficiency:

Pro Forma Financial Statements: A projection that shows the anticipated revenue and expenses of the association, invaluable for understanding future fee hikes or budget allocations.
Management Contracts: These detail the relationship between the association and property management companies, including responsibilities that can influence fee structure.
Voting Rights: Holders of certain fee packages often have decisions on budgets and other key issues. Understanding how voting power is structured can influence your investment decisions.

"Running a successful community isn’t just about collecting fees; it’s about engaging owners to maintain a harmonious environment."

Understanding these terms and concepts equips you with the tools to critically analyze any potential property investment and navigate the associated fees. Armed with the right terminology, you can now take a closer loot at the actual structures and purposes of these fees.

Defining Association Fees

Association fees can be a wave that washes over homeowners in certain neighborhoods or developments, often leaving many feeling a bit overwhelmed. Grasping what these fees entail is fundamental for anyone navigating property ownership within an association. It’s not just about shelling out money; it’s about understanding what one’s hard-earned cash is supporting and ultimately how it affects property value. This concept fundamentally hinges on factors such as community upkeep, shared amenities, and long-term value enhancement.

The Concept of Association Fees

Association fees are essentially a recurring obligation that property owners agree to pay, typically on a monthly or annual basis. These payments, however, are far from arbitrary; they serve a distinct purpose in maintaining the quality of life within a community. Such fees cover a multitude of expenses, from landscaping to security services, or community event organization. In essence, they foster a sense of unity and ensure that shared spaces remain not only functional but also inviting.

Think of these fees as the lifeblood of the community. Without them, small issues could spiral into bigger headaches—untrimmed lawns could degrade the aesthetic appeal of the neighborhood, while a lack of security might lead to safety concerns. Therefore, understanding these fees is crucial; it can significantly influence property value and living standards.

The Role of Homeowners Associations

Homeowners Associations, often termed as HOAs, hold the reins when it comes to managing these fees. They are usually comprised of residents who take on the responsibility of overseeing community projects and maintenance tasks. Not only do they set and collect the fees, but they also dictate how these funds are utilized.

These associations can vary tremendously; some might oversee a cluster of townhomes, while others manage large developments with myriad facilities like pools, gyms, or recreational areas. This diversity highlights the importance of transparency in how the fees are structured and spent.

"An informed homeowner is not just a passive resident; they are an active participant in shaping their community."

Homeowners Associations strive to establish rules and guidelines to enhance the quality of life for all their members. Their oversight can significantly dictate the neighborhood’s appeal; thus, understanding the association's structure and purpose behind the fees becomes vital. Homeowners not only need to be aware of what they’re paying for, but they should also keep a close eye on the HOA’s performance to ensure that funds are being allocated appropriately.

Ultimately, a well-functioning HOA can lead to a vibrant community, where everyone feels like they’re part of a bigger picture—one that values compliance, safety, and a shared vision for the future.

Types of Association Fees

Understanding the various types of association fees is crucial for prospective homeowners or investors. These fees can significantly impact both monthly budgets and long-term financial planning. Each fee type serves a specific purpose and can affect overall property value or quality of life in a community. Let’s break down what you need to know about the different categories.

Monthly vs. Annual Fees

Monthly fees are like a subscription service; they keep the wheels turning in community maintenance. Homeowners often pay these fees to cover ongoing operational costs, such as landscaping, trash collection, and snow removal. This regular payment ensures that community amenities stay in top shape—nobody likes looking at a neglected park or a crumbling swimming pool.

On the other hand, annual fees are typically lump sums, calculated based on the projected costs for the entire year. This can lead to greater variability in budgeting, as these fees might fluctuate widely year to year based on the needs of the community. Understanding whether fees are monthly or annual helps homeowners grasp the cost landscape more clearly and plan finances more effectively.

Special Assessments

Special assessments are the lurking variable in the equation. They are one-time fees levied by homeowners’ associations (HOAs) for unforeseen expenses or major projects, such as roof repairs or large-scale landscaping renovations. Homeowners might receive notice of these fees with little warning, often catching them off-guard financially.

"Homeowners need to be wary; special assessments can feel like a financial gut-punch, especially if unprepared."

Benefits of association fees for homeowners

Investors should pay close attention to how often communities impose special assessments, as this can indicate underlying financial issues within the HOA. Therefore, having a clearer picture of the community's financial health before buying is paramount.

Initial Setup Fees

Initial setup fees can be viewed as the relationship toll when moving into a community. Often assessed when purchasing a property within an HOA, these fees cover the administrative costs to bring a new member into the fold. They might include costs related to processing documents, orientation sessions, or even marketing the area.

While not overly cumbersome compared to the ongoing fees, potential homeowners should keep these in mind, as they can range considerably—an unexpected expense when budgeting for a new home.

Investors and homeowners alike should navigate this space carefully, as knowing how these fees structure impacts long-term commitments can lead to more informed investing decisions. Thoroughly assessing these financial commitments ensures that community life aligns with one’s personal or investment criteria.

Understanding the types of association fees not only furnishes clarity but also empowers homeowners and investors to make more educated decisions and keep their financial health intact.

Determining Association Fees

Determining association fees is a critical aspect of navigating the landscape of property ownership within homeowners' associations (HOAs). These fees can significantly impact financial planning and the overall value of one's investment in a community. Looking at how these fees are established illuminates not only the financial responsibility homeowners take on but also the benefits and services provided in return.

Factors Influencing Fee Amount

When it comes to what homeowners pay in association fees, several elements are at play. Understanding these factors can help prospective buyers make informed decisions when evaluating properties.

Location: Properties in prime areas often incur higher fees. This is generally due to the added services and amenities that come with higher property values. For instance, a condominium in a bustling metropolis may have fees that reflect the surrounding lifestyle offerings.
Amenities Available: Communities that boast swimming pools, fitness centers, or playgrounds typically require higher fees. These amenities need ongoing maintenance, and homeowners must remember that they are collectively paying to enjoy these perks.
Service Quality: The caliber of services provided affects fees directly. Communities with professional management services may charge higher fees than those managed by volunteer boards. A management company’s expertise, transparency, and responsiveness can enhance a community’s livability significantly.
Size of the Community: In larger communities, the costs may be spread across more homeowners, potentially reducing per capita fees. However, if fewer homeowners bear the burden, individual fees might rise more sharply.
Age of the Property: Older communities may require more maintenance, thus inflating fees. For instance, if major infrastructure needs work, such as roofs or roads, residents might find themselves hit by hefty special assessments on top of regular fees.

Having a clear picture of these factors can provide future homeowners with a solid understanding of their expected costs.

Budgeting for Community Services

Budgeting for community services is not just a procedural step but an essential strategy for managing household expenses effectively. The association typically puts together an annual budget that dictates how the collected fees will be spent, and here’s how it generally breaks down:

Routine Maintenance: This includes landscaping, janitorial services for common areas, and basic repairs. Smart budgeting ensures that the community remains well-kept, enhancing property values over time.
Utility Payments: Some fees cover water, electricity, and even internet services for shared amenities. Homeowners should evaluate whether these utilities are charged separately or encompassed within the fee structure.
Reserve Funds: A portion of dues is often allocated to reserve funds, which are critical for long-term sustainability. For instance, emergencies or unexpected repairs align better with contingency funds, lessening the likelihood of sudden assessments.
Insurance: Affordable community insurance is vital. Gathering details on what the fees include regarding insurance can prevent unexpected costs and ensure adequate coverage.

"A well-structured budget can help mitigate surprise costs while elevating resident satisfaction. Homeowners must scrutinize how every dollar is being utilized."

When prospective buyers evaluate potential homes, understanding how association fees support community services can make a significant difference in determining the overall value of that property.

Benefits of Paying Association Fees

Association fees might seem like just another line item on a monthly budget, but they play a critical role in maintaining the harmony and value of a community. When well managed, these fees can lead to both tangible and intangible benefits for homeowners. This section will cover three key advantages: enhanced property value, access to amenities, and community maintenance and security.

Enhanced Property Value

Investing in a property that is part of a homeowners association (HOA) often means committing to association fees. But what’s in it for homeowners? For starters, a well-maintained community translates into higher property values. When common areas are kept in tip-top shape and amenities are available, prospective buyers see the property as more desirable.

Peer Perception: Homebuyers frequently check the condition of neighboring properties. A neighborhood with well-kept landscaping and clean amenities instills a sense of buyer confidence.
Market Appeal: When comparing homes, buyers tend to favor those in HOA communities due to perceived lower risks of depreciating property values. A community with strong management often attracts higher offers during sale negotiations.

Ultimately, the investment in association fees becomes a strategic move for homeowners looking to maximize their property values over time.

Access to Amenities

Paying association fees often results in access to amenities that homeowners might not otherwise be able to afford individually. Many associations offer a range of facilities such as swimming pools, gyms, and common gathering spaces.

Shared Resources: Instead of building a private pool or gym, homeowners gain shared access to these luxuries, effectively democratizing leisure opportunities.
Enhanced Lifestyle: Living in a community with ample amenities can significantly improve one’s lifestyle. Imagine coming home after a long day and having a flowered courtyard to walk through, or a cozy clubhouse where residents can gather for book clubs or sports events.
Variety of Options: The more versatile the amenities, the richer the community life. Spend weekends enjoying tennis matches, community barbecues, and seasonal festivals—all possible due to shared funding through association fees.

Community Maintenance and Security

Another crucial benefit of association fees is the investment in maintenance and security of shared spaces. In an age where home security is paramount, knowing your community is being monitored can bring peace of mind.

Consistent Maintenance: Regular maintenance of landscaping, roads, and communal areas wards off neglect, which can lead to decreased property values over time.
Safety Measures: Many HOAs invest in security systems, lighting, and even on-site security personnel. Knowing that there is a dedicated effort to protect your home and community aids in fostering a sense of safety among residents.
Emergency Preparedness: Associations often have protocols in place for emergencies, ensuring that homeowners are informed and prepared during unforeseen events.

"Understanding the benefits of association fees illuminates their value, converting what may seem like a burden into a strategic investment in one’s lifestyle and assets."

It’s clear that while association fees are often seen as an unwelcome charge, the benefits can vastly outweigh the costs. From protecting the financial investment in your home to improving daily life, these fees can be viewed more as a necessity than a burden.

Drawbacks of Association Fees

Understanding the Drawbacks of Association Fees is crucial for anyone considering property ownership in a community with a Homeowners Association (HOA). While fees can offer substantial benefits, there are notable downsides that can significantly impact homeowners' financial health and peace of mind. In this section, we'll explore two main drawbacks: the financial burden on homeowners and the potential for mismanagement within associations.

Financial Burden on Homeowners

One of the most immediate concerns regarding association fees is their potential to create a financial strain. These fees can often range from a modest amount to a shocking sum, depending on the community's amenities and services. For families on a tight budget, this additional expense can feel like pouring water into a leaky bucket.

Consider a scenario where a homeowner has budgeted for their mortgage, utilities, and groceries, only to be faced with rising association fees and unexpected special assessments. This can put them in a tough spot. Homeowners may have little choice but to adjust other expenses, sacrifice personal savings, or even go into debt to keep up. This dilemma can lead to distress, especially when a community's fees begin to spike without clear justification.

It's important for current or prospective homeowners to not only evaluate the base amount of the fees but also consider their growth over time. Some communities might start with lower fees, only to experience sharp increases to cover unexpected costs or mismanaged funds. This unpredictability can derail long-term budgeting plans and may even affect the ability to sell the property down the line.

Potential for Mismanagement

Another less obvious drawback stems from the potential for mismanagement by the homeowners association itself. A poorly run association can lead to a multitude of problems, from lackluster maintenance to outright financial disaster. Homeowners might find themselves paying for shoddy upkeep or ineffective community services that do not reflect their monthly contributions properly.

Transparency Issues: Many homeowners become frustrated when they don't have a clear picture of how their fees are being used. A lack of transparency can raise suspicions about how funds are allocated and whether they are being spent effectively.
Incompetency: Sometimes, individuals elected to the board of the association might lack the necessary experience or knowledge to manage funds responsibly. This can lead to wasteful spending or worse, disaster due to an inability to address financial shortages.

It's like giving your money to a friend to manage, only to find out they've spent it on a vacation instead of paying normal bills. Homeowners are left wondering where their hard-earned money went, often feeling frustrated and powerless to effect change.

Evaluating Association Fees

Evaluating association fees is a critical part of navigating property ownership, particularly in communities governed by homeowners associations. Understanding these fees involves more than just knowing the amount—you need to consider their purpose, how they compare with similar communities, and whether these charges align with what the community offers. In essence, it's about making an informed choice that benefits your long-term investment.

First and foremost, it's essential to recognize that not all association fees are created equal. They can vary widely depending on location, community size, and the amenities provided. For instance, a high-rise condo in the heart of a city may have significantly higher fees due to maintenance of elevators and rooftop gardens compared to a suburban community without those features. Ultimately, your goal is to find fees that are justified by the level of service and amenities received.

Comparative Analysis of Fees

When diving into the comparative analysis of fees, homeowners should consider several crucial factors. A thorough examination entails looking at fees from other similar properties in the same neighborhood or community. This might mean reaching out to other residents in your area or doing your research online.

Market research: Analyze what other homeowners associations charge within a one-mile radius. This gives you a clearer picture of whether your fees are on target or off the mark.
Breakdowns of services: Understand how fee structures vary in terms of services provided. For example, a community with lush gardens and a pool may collect higher fees, but these could be reasonable given the maintenance costs.
Community reviews: Turn to social platforms like Reddit or Facebook to gather opinions from current residents. Their experiences can shed light on whether the fees correlate with homeowner satisfaction—or if they feel excessively burdened.

By conducting this sort of analysis, you not only become aware of where your fees stand but also gain leverage in discussions with association boards if the need arises.

Assessing Community Needs

Now that we’ve gone over how to compare fees, the next logical step is assessing community needs. This process is not merely about scrutinizing the dollar amount but understanding why those dollars are necessary.

Identifying priorities: Start by gauging what is most valued in your community. Is it security? Maintenance of shared spaces? Amenities such as a gym or pool? Knowing what's high on the list of priorities allows you to evaluate whether the fees warrant those services.
Long-term projects: If the community envisions new developments or upgrades, fees might be temporarily higher. Understanding these future plans can alleviate concerns about sudden spikes in fees and the need for special assessments later on.
Transparency from the board: Engage with your homeowners association’s board meetings or communicate with committee members to gather insights on budgeting and allocation of fees. This transparency is vital for building trust and understanding how funds are utilized.

"Evaluating fees is not just about the numbers. It's about community quality, accountability, and seeing where your money truly goes."

In summary, diving into the evaluation of association fees lays the groundwork for responsible homeownership. Armed with knowledge about how fees stack up against others, and why they were set at a particular level, you can make sound decisions that enhance your real estate investment and your living experience.

Legal Considerations

Navigating the world of association fees isn't just about understanding the numbers; it also involves knowing the legal implications that come attached. For homeowners, grasping the legal framework surrounding these fees is critical. Such knowledge not only safeguards one's investment but also ensures compliance with a community’s rules and regulations. The legal considerations can sometimes feel like a maze, but with the right insight, one can avoid getting tangled in legal disputes.

Understanding Your Rights and Responsibilities

Homeowners often sign agreements that outline their rights and responsibilities to their association. These documents, commonly known as declaration documents or bylaws, lay the groundwork for the regulations that govern the community. It is vital to read these thoroughly; ignoring them won’t make them go away. Homeowners should be aware of what they are entitled to in exchange for their fees, such as access to amenities or services, but it’s equally important to understand the ongoing obligations.

Know Your Voting Rights: Homeowners typically have a say in decisions through voting, influencing how funds are allocated.
Review Fee Assessments: Familiarize yourself with the process for fee assessments; transparency is key.
Obligations for Community Upkeep: Part of the responsibility is maintaining property standards as defined by the association; negligence can lead to penalties.

"Knowing your rights can empower you in discussions and negotiations with your association, potentially saving you from unexpected costs."

Owner Liability and Legal Obligations

The concept of liability in relation to association fees is multifaceted. Homeowners must not only pay fees but also understand how failing to meet these obligations can lead to legal consequences. In particular, consistent non-payment can escalate to delinquency issues, which might result in liens against the property. Additionally, owners might become liable for damages incurred due to breaches of the association's rules.

Legal Repercussions for Non-Payment: Falling behind on payments can lead to legal action from an association.
Responsibility for Community Standards: Homeowners must uphold any guidelines set forth in the governing documents, and failure to do so can result in fines.
Impact on Property Value: Legal disputes that arise from unresolved fee issues can diminish property value, deterring potential buyers.

Understanding these aspects of owner liability helps mitigate risks and ensures a smoother coexistence within a community.

In summary, knowledge of legal considerations surrounding association fees plays a pivotal role in navigating homeowner responsibilities and rights. Clarity in these areas doesn't just protect investments; it fosters a more cooperative neighborhood environment.

Evaluating association fees in property investments

Negotiating Association Fees

When it comes to homeownership within a community governed by an association, engaging in discussions about fees is crucial. Negotiating association fees isn’t just about dollar amounts; it's about understanding value, community needs, and mutual benefits. One must approach these conversations knowing that they can lead to better financial outcomes for everyone involved. A clear grasp of the nuances around fees will empower homeowners to advocate for fair assessments, ensuring the community thrives while respecting individual budgets.

Strategies for Discussion with Associations

Embarking on negotiations can feel particularly daunting, especially if you're new to homeowners associations (HOAs). A good strategy here starts with preparation. Before you step into a board meeting or even a casual chat with board members, arm yourself with information. Here are some effective tactics:

Understand the Fee Structure: Familiarize yourself with what the fees cover. Is it just maintenance, or do they include amenities? Knowing this helps negotiate better.
Gather Comparable Data: Pull together data regarding fees from similar associations. This carves out a framework for what’s reasonable.
Build Relationships: Engage with board members beyond meetings. Understanding their viewpoints can open doors for productive discussions.
Voice Community Impact: When discussing fees, highlight how adjustments may enhance or detract from community experiences. For instance, encouraging lower fees might motivate more engagement and participation, enriching the community life.

With these strategies in tow, homeowners can advocate for more balanced fees that resonate with the collective interest of the neighborhood.

Understanding Fee Revisions

Fees in homeowners associations are not set in stone. There may come a time when there’s a need for revision, be it an increase or a potential decrease. Understanding this process is key for any homeowner. Here's why:

Circumstances That Trigger Changes: Life events such as natural disasters or economic shifts can lead to unexpected financial requirements, necessitating a fee hike. Knowing what justifies these changes allows homeowners to stay better informed and prepared.
Stay Proactive: Before revisions are proposed, homeowners should discuss their concerns with the board. Engaging early can influence the direction of fee discussions since board members often appreciate input from community members.
Learning the Legal Framework: States often have laws governing how fees must change over time. Familiarizing yourself with these regulations can indicate whether proposed changes are fair or overreaching.

It's prudent to approach fee discussions with both an open mind and a firm stance on what is appropriate for both your financial situation and the community's well-being.

"Knowledge is power—knowing your rights and responsibilities in fee negotiations can turn the tide in your favor."

Through thoughtful approaches and thorough understanding, negotiating association fees can become a manageable part of community living, fostering a positive relationship between homeowners and their associations.

Navigating Special Assessments

When diving into the realm of association fees, navigating special assessments becomes vital for homeowners and property investors alike. These assessments are occasional fees levied by Homeowners Associations (HOAs) to cover unexpected expenses or significant upgrades that are beyond the regular budget, usually impacting the community at large. Understanding special assessments not only prepares you for potential financial responsibilities but also enables you to advocate for effective community management.

When Additional Fees May Apply

Additional fees, known as special assessments, can spring up like weeds in a garden. They generally occur in situations where the HOA encounters unexpected costs that exceed the funds currently available from regular association fees. This may include:

Emergency Repairs: Think of a sudden roof replacement for shared facilities like a clubhouse.
Major Improvements: When the community decides to spruce up a park or build a new pool, funding these changes often necessitates a special assessment.
Legal Issues: Disputes that require legal intervention can drain HOA funds rapidly, leading to the need for additional fees.
Natural Disasters: Unpredicted events such as hurricanes or floods can also mean the association must collect more money rapidly for repairs.

Homeowners should remain vigilant and well-informed about the financial health of their association, as inadequate budgeting practices can lead to an increase in these special assessments. Getting a feel for the community's spending habits during meetings or through annual audits could shed light on potential future costs.

Budgeting for Special Assessments

Budgeting for special assessments requires a keen eye and a proactive stance. Homeowners should always be prepared for these additional charges which, while often necessary, can come as quite the shock.

Here are some strategies to consider when budgeting for potential special assessments:

Educate Yourself: Familiarize yourself with your HOA's financial statements and budgetary practices. Knowledge is power.
Build a Buffer: If feasible, set aside some extra funds monthly in anticipation of future needs. That way, an assessment feels less like a punch to the gut.
Stay Informed: Attend HOA meetings and actively participate in discussions. The more informed you are, the better you can estimate potential financial changes on the horizon.
Join Committees: Engaging with your HOA in one of its committees can give you a behind-the-scenes look at upcoming projects and the associated costs, making it easier to brace for any special assessments.

"Understanding the financial planning of your association can significantly reduce the anxiety associated with unexpected special assessments."

By ensuring you're plugged into discussions and planning for contingencies, you can transform potential stressors into manageable components of community living.

Stay engaged, stay informed, and you’ll navigate these assessments like a seasoned pro.

Epilogue: Informed Decision-Making

Making sound decisions about association fees is crucial for homeowners and prospective buyers alike. Understanding the nuances of these fees can save individuals from unexpected financial burdens and lead to more favorable property experiences. It’s not just about knowing the numbers; it requires a comprehensive understanding of how association fees impact property value, community services, and overall living conditions.

The Importance of Research

In this age of information, neglecting to conduct thorough research can lead to dire consequences. When it comes to association fees, ignorance is certainly not bliss. By diving deep into the fee structures of various associations, homeowners can gauge what they're getting into. This includes understanding not only the regular fees but also any potential for special assessments or initial setup fees that may hit hard down the line.

Investigate the budget: Homeowners should take a close look at how the association budgets its fees. Are funds allocated sensibly toward maintenance and community improvements?
Previous fee trends: Researching how fees have increased (or decreased) in the past can provide insights into future changes.
Community feedback: Speak with current residents. Their experiences can be golden nuggets of information that stand to save future headaches.

Ultimately, gathering information empowers residents to make choices aligned with their financial capabilities and personal preferences.

Final Considerations for Homeowners

As one navigates the waters of association fees, a few final thoughts are worth considering. First, always read the fine print of any contracts or agreements. It’s easy to overlook details, but these can have lasting impacts.

Community involvement: Engaging with the homeowners association can also make a difference. Being involved not only keeps you informed but could also put you in a position to influence decisions directly.
Keeping options open: Always keep an eye on the market. If association fees seem high for the services provided, it might be wise to explore other communities with more reasonable fees.
Legal awareness: Lastly, an awareness of rights and responsibilities can be invaluable. Understanding what you can challenge or inquire about keeps the playing field level.

"A penny saved is a penny earned.'' Operating on that principle while handling association fees can free up resources for other positive investments or opportunities.

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