Yes, HOA fees increase all the time and yet the reserves are still not adequately funded. In the HOA for the condo I sold in 2005, the reserves were only 7% funded after 17 years of poor management. The roof needed to be replaced at an estimated cost of $150K – and this had to be put to a vote of the membership. If they vote not to replace the roof, then the roof leaks cause all kinds of expensive problems, more expensive than just replacing the roof. But note that the new roof would have to be a special assessment because there’s no money in the reserves. What a mess!
