When purchasing or leasing a condo, it’s important to understand the ins and outs of the homeowner association (HOA) that governs your condo community. Elevate is no exception! Here’s everything you need to know about our HOA, and how it helps take our condo living to the next level.
What is an HOA?
Let’s start with the basics. HOA stands for homeowner association. Simply put, an HOA is a group of homeowners, property managers, or a mix of both that create and enforce rules within a specific community or subdivision. These regulations typically outline what residents can and cannot do with their properties.
However, an HOA is much more than a list of rules and restrictions. At Elevate, we often say condo living is convenient living. A major part of that convenient, low-maintenance lifestyle is our HOA. That’s because HOAs also cover maintenance of amenities and common areas both inside and out. This helps keep the community in tip-top shape with minimal effort from the residents.
What is an HOA fee?
Upkeep of indoor and outdoor common areas and amenities requires money. This is where HOA fees come into the picture. HOA fees cover things like snow removal to keep the walkways and driveways clear, landscaping for mowing the lawn and trimming the hedges, trash removal, security, and more.
Any money not spent on these necessities is held in a reserve fund, which is set aside for future endeavors, such as large, long-term projects or unforeseen emergency repairs. The reserve fund acts as a financial cushion, preventing unexpected expenses from landing on the residents of the HOA.
The amount you pay in HOA fees will vary drastically depending on where you live and the number of amenities offered. As you might expect, newer or more luxurious neighborhoods tend to have a steeper HOA fee.
These fees are typically paid monthly, though some communities pay them quarterly or bi-annually.
How much is Elevate’s HOA fee?
Elevate’s HOA fee is $200/month.
HOAs can be a bit more complex in communities where there is a mixture of leased and owned properties. However, we’ve kept it simple and straightforward. Every unit contributes to the $200 per month HOA fee. For tenants who lease, the $200/month fee is included in the cost of their rent. For our owned units, homeowners pay the HOA fee each month.
The cumulative funds from both tenants and owners is used to keep our buildings and backyard next-level for all residents.
What does the Elevate HOA cover?
Our HOA is designed to go above and beyond the bare-minimum standard set by many HOAs. It includes:
Lawn care and landscaping
Snow removal for our driveways and sidewalks
Exterior maintenance such as roofing, brick siding, paint, HVAC, etc.
Upkeep and maintenance on all common area amenities, including the lobby, game room, coworking space, fitness center, locker room and sauna, golf simulator, the fire pit, and more
In other words, you get to enjoy our luxury condos and next-level amenities without lifting a finger. The only area you are responsible for maintaining is the interior of your condo! It’s the perfect fit for our residents’ busy, on-the-go lifestyles.
How is Elevate’s HOA structured?
Currently, our HOA board is formed by Elevate’s ownership group, which consists of Grand Rail Development, Brotherton Investments, and The Bails Team at Urban Acres. Each organization participated in establishing the rules for the HOA, otherwise known as the CC&Rs—Covenants, Conditions, and Restrictions. Brotherton Investments manages the distribution of funds and the day-to-day operations of the HOA.
At Elevate, we don’t believe in impersonal, faceless HOAs that govern from afar. In fact, the Brotherton Investments office is located on-premises in Elevate’s main building. You’ll see their owners and employees out and about in the building on a daily basis. They are never far away if an issue arises!
How will the HOA affect day-to-day life at Elevate?
HOAs are often misconstrued as overbearing, harsh, and nitpicky. We strive to combat that misconception. Our HOA is not about control; it is about convenience. Whether you lease or own your Elevate condo, our HOA is designed for you to ‘set it and forget it.’ Once you pay in, the work is done for you!
Picture a world where you never have to spend another Saturday afternoon pushing a lawn mower or weeding flower beds. A world where the snow is nearly plowed when it’s time to leave for work in the morning. A world where you don’t have to worry about remembering to haul the trash and recycling bins to the curb once a week. A world where you have access to a state-of-the-art gym, with no additional membership fee (and no treadmill taking up space in your living room).
Our HOA frees you from those responsibilities, allowing you to spend the time on things you actually enjoy—like taking your dog for a walk around the pond, perfecting your shuffleboard slide in the game room, grabbing drinks with friends in Iowa River Landing, or simply cozying up in your condo.
Experience Life at Elevate
Ready to live a luxurious, low-maintenance lifestyle? Reach out to our purchase team or leasing team to ask about availability or to set up a tour.
Have more questions about our HOA? Get in touch—we’d be happy to help.