Before You Buy
- Prospective Residents
All homeowners in Heritage Lakes become members of the Heritage Lakes Property Owners Association, Inc. It is essentially the same as a homeowners association. The role of the property owners association is to care for the common areas and amenities within the subdivision and to set architectural and landscaping standards which must be adhered to by all members so as to protect and enhance the value of the properties located within the association.
The day to day operations are run by a five-person Board of Directors elected once a year at the Annual Meeting. The members of this board are volunteers and receive no compensation. The Board of Directors is responsible for facilitating repairs and maintenance when needed, pay for utilities, collect annual assessments and fines, and enforce the covenants, bylaws, and resolutions of the POA.
Each year the Board of Directors sets the annual assessments. The assessments are based on two factors.
- The operational budget from the current year and projected price increases based on historical data or notification from vendors.
- The reserve fund. The reserve fund is a common fund that provides for the maintenance and repair of all common property. A company specializing in reserve studies prepare a list of all items of common property with a schedule of when they need to be replaced or repaired factoring in price increases. This gives a blueprint of projects that are scheduled to be completed in the coming year, how much of the reserve funds will be dispersed to complete those projects.
The primary purpose of having this reserve fund is for the Board of Directors not to have to make special assessments throughout the year which if you have lived in an association that doesn't have a reserve fund can be quite disconcerting and often untimely for your own finances. If you would like more information about reserve funds, please view Understanding Reserve Funds for Homeowners.
If you have never lived in a subdivision controlled by an HOA or a POA we have included a short video ' What Is An Homeowners Association?."
If you are planning on purchasing a home in the Heritage Lakes, please review the governing documents.