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Do You Have What it Takes?

The board of directors is the heart of every Homeowners Association. The members make tough decisions such as hiring  community vendors, mapping out a financial plan and maintaining the community's CC&R's and Bylaws. 

NeighborsWho Lives in your Community?
People from all over the world from all sorts of different cultures and backgrounds make up the diversity of your community. Understanding and appreciating the generational values of your neighbors contributes to a strong Homeowners Association. Consider a few broad groups: 
What to Consider When Hiring a Property Management Company
If a property owner has a growing number of properties, it's inevitable that a day will come when they ask, "Should I outsource the day-to-day operations of my business to a property management company?"
Screaming BabyContractor Caution
Finding a contractor who will perform quality work at a reasonable price can be a daunting task. It's always a good idea to ask for and check references and to contact the Better Business Bureau and either the Nevada State Contractors Board or the Utah
Industry Briefs

Homeowners are Stuck. So Will we  Bond?
As a transient bunch, Las Vegans have historically shunned social connections. But a sense of community could grow from housing bog. During the boom years, Las Vegas watchers loved to bandy about an eye-catching statistic: We were adding 6,000 people a month. The reality, however, was slightly different, but also more interesting: 9,000

Report: Las Vegas Economy Gets Sunnier

For the first time in more than three years, all of the major monthly indicators tracked by the Las Vegas Convention and Visitors Authority came in positive.  The visitor total in October rose 5.7 percent to 3.3 million, the best showing this year, extending the string of gains to eight months.

New Street Sign Requirement Could Cost NV Millions
Most of us probably don't pay attention to street signs besides looking at what they say. But the federal government is, and is now making local governments change some to make them easier to read. The idea behind the changes is to ensure safety. But locally, it's going to cost our region millions, and the cost isn't for brand new signs.

NV Legislature Joins HOA Feud
The issue over collection agency fees on foreclosed homes is caroming around like a billiard ball from regulator to regulator to court -- and now to the Legislature. State Sen. Allison Copening, D-Las Vegas, recently said in an e-mail that she is preparing a bill to "address limiting the amount (that) may be charged to a unit's owner to cover the costs of
Value in Homeownership
Is there value in owning a home? The recently released 2010 National Association of REALTORS® Profile of Home Buyers and Sellers brings us some promising results. Today homeowners are living in their homes longer, and after several years of price declines, are seeing rises in home equity gains.

Is Your HOA Ready for 2011?

As a board member or the management company for an association, do you have all your ducks in line for the new year? As the holidays are over, it's easy to be distracted with the myriad of activities and functions. However, it's important to take the time to look beyond new year's resolutions, and determine if your programs are ready.

Prepare Now Before Freeze Damages Sprinklers
Every winter thousands of sprinkler pipes freeze and burst because of lack heat or inadequate insulation. When a frozen sprinkler pipe bursts, the result is always extensive water damage. A typical loss for a burst sprinkler pipe can involve two or more units and have an average repair cost exceeding $30,000 after the deductible. Nationwide, these losses

Using Emotional Intelligence to Price & Sell Inherited Property
Heirs to family property must overcome their emotional attachment to the home and erase the housing boom prices from five years ago. Children who inherit their parent's home find it hard to let go. After days of rummaging through all the memories in the house, both tangible and intangible, they become even more attached. The children go through old
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Take one minute to update yourself on what's happening in your housing world.
New for 2011

New IRS 1099's for Landlords

Starting in 2011, there is a new tax requirement for landlords.   All landlords who receive $600 or more in rent for the year must send a 1099 to all service providers that the landlord paid $600 or more during the year, such as plumbers, carpenters, yard services, and repair people.

The new requirement applies to owners of both residential and commercial property.Failure to file the 1099s with the IRS can result in fines of $50 per 1099 not filed with the IRS.


Lower Taxes Mean More Pay for You in 2011

Many waited with baited breath to see what tax changes lay ahead in 2011. Then came the collective sigh of relief as many of the tax breaks were extended. One of the changes that employees will see starting in January 2011 is a decrease in the employee portion of social security taxes (OASDI on your paycheck).

So what does this mean for you? It means a little more money in your pocket every pay day! This change takes effect January 1, and you will see it with your first paycheck in January.

We Can Help!
If your homeowners association is looking to identify certain capital projects and needs a professional to coordinate the full project, reach out to John Thompson at Terra West at 702-880-4679 or by email at jthompson@terrawest.com.
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