We have already discussed the importance of setting up your HOA budget. But, even with that, certain HOA fees can come as a nasty surprise to the homeowners and community in general. This is precisely why it’s always a good idea to find different ways for your HOA to make extra money.
1. Clubhouse renting
There are many benefits to having a proper clubhouse in your community. For starters, this is one of the most effective ways that can ensure a steady flow of extra money to your HOA. Basically, you can rent out the clubhouse for various occasions, from birthdays and fundraisers to business meetings. Don’t forget to spread the word about its availability for rent though!
2. Newsletter Ads
If you don’t send out your own newsletter regularly, it’s time this changed. A newsletter can be very profitable, especially considering just how much space they provide for advertising. Essentially, you can have your HOA make extra money by offering to put paid ads into your newsletter space to local businesses.
3. Consider a cellular tower
Unused roof space can use a cellular tower, but this is definitely a project that you need to consider very carefully. After all, cellular tower comes with both pros and cons, and it’s up to you to decide what works the best for your community. But, the fact of the matter is that a cellular tower would definitely bring in some extra cash every month.
4. Utilize natural features
Take the time to really look around. The natural area that surrounds your community may be a lot more profitable than you have been giving it credit for. Grassy hills can be used for sledding and gardens, while rivers and ponds can be turned into fishing and even rafting spots. This particular project may require a bit more investment, as well as prep and organization on your part, but if you’ve got the natural gift in your community, don’t hesitate to use it.
5. Make the most out of anything unused
If you want your HOA to make extra money you need to plan extra hard. After all, you know your community the best, which gives you the possibility to assess all the unused areas and buildings. If there are such spaces in your community, feel free to brainstorm and think of ways that they can be utilized in a profitable manner.
HOA and property management don’t have to weight you down. You can put your time, effort and creative ideas into constructive work and leave the rest to management companies such as Boom Properties.Go Back