HOA Dues

The Board would like to address an earlier question that was posted on the blog about "Why Are My Dues So High?". This was discussed at this year's Annual HOA Meeting and the Board would like to share the WHY with you.

First and foremost, it is important to build a healthy reserve for future projects such as repainting the exterior, which will need to happen in the next 6 years. Paint begins to wear out in our Montana weather around year 14, so we are more than halfway there. This, as you can imagine, is going to be a large expense, and we would rather continue to build the reserve to apply towards this project in the future.

We are finally able to move forward with our landscaping goals and the HOA will start to benefit from that next spring. These enhancements will only add to everyone's investment in the HOA.

Besides covering the basic expenses of lawn care, snow removal, utilities, insurance and management fees, it is important to maintain a healthy reserve in terms of what mortgage companies are looking for. When properties sell, mortgage companies contact the HOA and require them to provide detail reports on the finances of the HOA to insure that their investment is going to be taken care of down the road. If they get involved in a property where the HOA has zero money reserved to maintain the common areas of the complex, this is viewed as a negative in the real estate world and may cause issues in the sale of your property.

Our HOA is in excellent condition financially. Most importantly, maintaining the current amount of dues will best provide a means to sustain our property values in the future. It is in all of our best interests.

Complex Trim Painting

You may have noticed the trim work being touched up around the complex over the last week. The painters are using a primer, so do not be alarmed if parts do not seem to match the old trim. It's only the primer and the painters are not done with the project. Over the next week -- the painters are going to be going up on the roofs and painting some of the gables. The Board would like to make everyone aware, because these areas are close to bedroom windows. We do not want you to be alarmed when you look out your window to see someone standing there (possibly). Weather permitting, this project should be finished by next week.

Thanks!
Broadwater Board

A Message from the Board regarding Insurance and the Hail Damage

BROADWATER COURT TOWNHOMES HOA
131 East Main Street
Bozeman, MT 59715
406.582.7490
info@lunaproperties.com
________________________________________

August 26, 2010

Dear Broadwater Homeowner,

It sounds like things are moving along for most homeowners in regards to the roof repair. As a reminder, once you have made contact with your neighbors and are in agreement to move forward with the work, please contact the contractor directly to proceed with the replacement of your roof. The HOA will not be mediating between owners, the contractor and your individual insurance companies.

We have a couple points we would like to mention in regards to the bylaws, insurance coverage and your individual rights. The Board would like to try and explain to help clear up any confusion.

#1 – Due to the way the bylaws are written, the HOA is not required to carry building coverage insurance, only general liability. It seems some owners still do not understand why the insurance has been written this way. The reason for this is the association is a complex of townhomes and not condominiums. In the world of insurance, there is a big difference between the two in terms of what insurance is needed to cover each. Condos are insured very differently, usually “studs out” which pertains to most everything exterior, which is covered by the association’s insurance. In terms of price, on average, you would be spending about $1300/mo for this type of coverage. With townhomes, owners own their portion of the building along with the lot the building sits on. Townhomes are insured exactly the same as single family homes. Even if we wanted to amend the bylaws to state that building coverage be the responsibility of the HOA, it simply cannot be done without changing the entire association from Townhomes to Condominiums, which would only mean property value loss to you in the end. Not to mention, dues would have to be raised to cover the new added expense of insurance per month, as now we are only paying $500/yr.

#2 – With that said, in regards to hiring Pyramid Property Services to handle the roof repair in our association, this was merely a recommendation from the Board in hopes of keeping uniformity with roof material within our complex. Please know, owners have the right to choose/decide to use another contractor or to contact another company for a price comparison. The Board was simply trying to help in the situation by providing an estimate for each building. On another note, Luna Properties is not benefiting by recommending Pyramid Property Services. We asked them for the recommendation from someone they knew and trusted.

#3 – On page 2 of the bylaws it states the following:

The Broadwater Court Townhouse Owner Association shall maintain the roofs and siding of the buildings, but the individual owners shall be responsible for replacement and repair of windows and doors and any additions that may be made to the buildings, such as satellite dishes.

We spoke about this in last year’s HOA meeting and what was explained is that yes, in 30 years, if the roof needs to be replaced due to age, then yes, the HOA will be responsible to take care of that. This would be considered “maintenance”. For example, the HOA is touching up the trim work around the complex on the buildings, this is considered maintenance. Along with that we painted the fire lanes this summer because they had dulled in color over the last few years, again this is maintenance. If the gutters are falling



off the building and/or are clogged, the HOA will deal with this as general maintenance. If however, there is a catastrophic event, such as a hail storm that causes massive
damage, this is not considered to be maintenance of the buildings. It is damage covered by insurance, not preventative maintenance to maintain the integrity of the complex. Such maintenance is not covered by an insurance claim.

Please let us know if you have further questions and we will be happy to discuss your concerns with you. If you are having trouble contacting neighbors, contact Luna and they will provide you with the contact info they have on file and send the owner a letter to try and make the connection for you.

Respectfully,



Broadwater Court Board of Directors

Additional Info on Hail Damage

Greetings Everyone - We have finally gotten all of the estimates gathered for roof replacement for all buildings. A copy has been sent out to you today and you should receive in a day or two.More Soon!

Hail Storm Information

Greetings Broadwater Homeowners,

We have received some calls as to what the HOA’s insurance covers.  As we discussed in last years annual meeting, the HOA is required to carry public liability insurance only, not building coverage.  As per the bylaws, owners are responsible to have homeowner’s insurance covering their portion of the building.  Townhomes are insured very differently than condos, as you own your portion of the building and the land.  However, since there are shared walls and roofs, what needs to happen per building, is a collaboration of coverage amongst owners.    

It is the board’s suggestion to bring in a contractor to examine all of the buildings and provide an estimate per building, that would then be provided to you to submit to your insurance company.  Keep in mind, every insurance company may operate differently, some may require bids, some may require photos, some may have vendors they want you to use, etc….It is the Board’s goal to help the repair work be a smooth transition for all homeowners.  (From speaking to the insurance companies, they are pretty savvy on situations like this and will be able to guide you best in the collaboration process).

Summer Mowing Schedule

Happy summer home owners!  Here's quick news update from our lawn care providers.  They will be mowing every Monday this summer.  So please have your lawns cleared and ready for the mowers to ride on through.

Thanks!

Welcome!

Welcome to the Broadwater Court Homeowners Association website. This will be a forum for homeowners to access information, discuss topics, and generally stay informed with the news and events concerning Broadwater Court. More to come soon!