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Community association dues are essential contributions that ensure the smooth operation and maintenance of your community. Here’s a breakdown of how these funds are typically utilized.
A significant portion of community association dues is allocated to the upkeep of shared spaces, including: landscaping, swimming pools, clubhouses, and recreational facilities.
Community association dues often cover utility costs associated with common areas, such as electricity for street lighting, walkways, and communal buildings as well as water and sewage systems in shared spaces.
To protect the community’s shared assets, a portion of the dues is used for insurance policies that include both property insurance and liability insurance for communal spaces.
Building a reserve fund is crucial for future capital improvements and unexpected repairs. This fund ensures financial stability for projects such as roof replacements or pavement resurfacing.
Operational costs necessary for managing the association are also covered by community association dues, including maintenance personnel, management, legal, and accounting services.
