HOA Cost-to-Value Report

Report on Similar HOAs

HOAAmenitesHousesDues/yrOperating Budget
Riverside Landing HOAClubhouse, CH Rental, Pool. Pond201$400.00$80,400.00
Hermitage HOAClubhouse, CH Rental, Pool161$425.00$68,425.00
Hampton Ridge HOAClubhouse, CH Rental, Pool, Pond335$450.00$150,750.00
Dairy HOAPool, Clubhouse rental, Common Area Maintenance253$500.00$126,500.00
The Bridges HOAClubhouse, CH Rental, Pool104$480.00$49,920.00
Grand Lake HOAPool, Clubhouse rental, Playground, A large community Lake, and Common area maintenance169



Foxfield HOAClubhouse, CH Rental, Pool135$750.00$101,250.00
Aldrige HOATwo Large Lakes, Comman Area Maintenance, Greenway Access107$900.00$96,300.00
Sumerset Lake HOALarger Lake, direct greenway access, Common Area Maintenance70$1,400.00$98,000.00
Woodmill Trace HOAClubhouse, Gym, Pool, Comman Area Maintenance132$1,560.00$205,920.00

Analysis & Findings

The board was able to gather data about similar HOAs to Grand Lakes through Elite. We did find that several HOAs had lower dues than us. Some have the same or lower dues but have more members resulting in a much higher operating budget. Raising our rates to $650 will have us closer to the higher range of dues on the list. However, we questioned Elite about the HOAs that had very low dues or operating budgets and they said that a significant difference for those HOAs is that they do not have debt that was turned over to them by their builders. Additionally, Hermitage HOA, which is the most similar to our community, will be raising their dues this year to $650 because they had to do a major renovation to their clubhouse and it used all their reserves and left them with 20,000 in debt. 

Based on this report and that information the board still believes that moving forward with increasing our dues to cover our significant debt is the correct course of action.