Resident Frequently Asked Questions:

​Q: What is the purpose of an annual HOA assessment fee?

A: The purpose of an HOA annual fee is to fund the maintenance and upkeep of shared community spaces and amenities such as landscaping, pool, playground, security, utilities, and fixtures, ensuring all residents contribute to the overall upkeep of their neighborhood. By maintaining the shared areas, HOA fees aim to preserve property values and enhance the overall quality of life within the neighborhood.

 

Q: Why is an annual assessment increase necessary now? 

A: We are asking for an increase to strengthen our reserves, cover rising costs due to inflation, address deferred maintenance, plan for the future, and reduce volunteer support. The 2023 reserve study identified specific improvements to make over the life of an asset with corresponding funding recommendations. This confirmed that our current funding model is inadequate. Also, the current fee structure is capped at $280. The model of flat funding sources and increased expenses is not sustainable. 

 

Q: What will the increased annual assessment fee be and will it be recurring?

A: The new proposed annual assessment fee is $380 with the option of an annual increase commensurate with, and not exceeding, the Consumer Price Index. This amount will help us cover the rising costs of necessary repairs and improvements. It is not the intent or goal to raise the assessment every year. As Trustees managing the funding sources, the neighborhood does need a mechanism to increase assessments to cover escalating costs and ensure there are sufficient funds for operations and preservation of the subdivision assets. Future increases will be determined by the Trustees each year and would be limited to the Consumer Price Index.​

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Q: Can residents review the HOA’s financial reports and the 2023 reserve study? 

A: Yes, we are committed to transparency. Financial reports and the 2023 reserve study are available for review on the Old Farm Estates website in our Documents section, and during HOA meetings. 

 

Q: What has the OFE HOA Board of Trustees been doing to reduce expenses? 

A: Trustees have continued to focus on acting as good faith stewards representative of the Old Farm Estates community, partnering together to identify ways to sustainably manage our community while preserving our neighborhood’s value. We have reduced expenditures by gathering neighborhood volunteers to support general maintenance, identifying alternative revenue sources, such as fundraising, and forming committees to prioritize responsible spending on proposed projects or doing without updates.

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Q: Why is an annual assessment increase necessary now? 

A: Costs for maintaining our shared spaces – like landscaping, pool upkeep, insurance, and utilities – have increased sharply. We also need to build our reserves for long-term maintenance, as recommended by our 2023 reserve study. The study identified specific improvements to make over the life of an asset with corresponding funding recommendations. This confirmed that our current funding model is inaccurate. Right now, we are not collecting enough to keep up with inflation or future repairs, which puts our neighborhood assets and property values at risk.

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Q: Can residents review the HOA’s financial reports and the 2023 reserve study?

A: Yes, we are committed to transparency. Financial reports and the 2023 reserve study are available for review on the Old Farm Estates website in our Documents section, and during our HOA meetings.