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Subject: Construction Bonds
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Author Messages
SeanG1
(West Virginia)

Posts:1


04/12/2016 8:34 AM  
I'm on the Board of our HOA. Our Covenants allow us to require a "construction" bond for any new construction or major exterior alterations. The purpose of the bond is to incentivize Owners to complete their projects on time and in compliance with the approved plans (i.e. you don't get your bond refunded until you comply). When our Association was established in 1986 the amount was set at $6,000. It has remained the same even though home prices have grown exponentially since then. Owners are building million dollar homes so $6,000 isn't doing much to incentivize them these days.

My question is, what is the construction bond amount that other HOAs are using?

Thanks!
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