At times, the expenses of an HOA can exceed the amount that is brought in by monthly HOA fees. As a result, residents can be hit with special assessments which can be a shock to homeowners and a large blow to community moral. However, if your HOA board is hardworking and creative, it can find many ways to bring in extra money without unduly burdening homeowners. Here are five ways for your HOA to make extra money and boost your budget in the coming years.
Rent Out Your Clubhouse
If you have a clubhouse, it can be a great asset for bringing in extra funds to your homeowners association. The clubhouse can be used for birthday parties, business meetings, baby showers, fundraisers, and many other events. If the space is not already being used, consider making it available, and advertise so that the community is aware of its availability.
Advertise in Your Newsletter
Your monthly newsletter can be a great way to bring in a little extra money each month. Reach out to local businesses and offer the space to them for advertisement. Businesses can pay your HOA for space in which to put advertisements or coupons, and can in turn grow their customer base.
Allow a Cellular Tower
There are both pros and cons to allowing a cellular tower on unused roof space. One of the pros, however, is having a little extra cash each month. It can bring in up to $3,000 a month to your association. In addition to the rental fee, your HOA can gain by having superior cell service on your property .
Use Your Surrounding Environment
Take a moment to consider the natural area around your community and try to think of ways that you can utilize the space that you often take for granted to make money. Do you have a hill that can be opened for community sledding, or a river or lake that can be used for rafting or fishing? Is there a nice plot of land that can be rented out to the community or residents for a community garden? Do not let these natural features go to waste.
Think About Storage, Parking Spaces, and Other Underused Areas
If there are spaces in your community that are currently going unused such as a parking area or empty buildings or sheds, it is time to think about how these areas can be used to start generating income. Transform empty buildings into storage units that can be used by residents or anyone in the community. Rent out parking spaces, and see if there are any indoor areas that can be rented out by teachers for fitness or art classes.
There are many ways that an HOA board can use current assets and amenities to begin making extra money for the community. All it takes is a little bit of thinking outside the box, and the willingness to put in a small amount of time and effort. Use these five ways to start the process of earning extra income. The homeowners in your community will thank you!