Do you allow renters?
Colony Preserve allows renters, however we have a rental restriction in place such that an owner cannot rent out their home until they have owned it for at least 18 months. This has helped keep Colony Preserve an owner-occupied, family friendly community. Our residents take pride in and invest in their homes, as they plan to be here for a long time. We have a small number of renters (9%), many of whom have been residents for several years and in some cases have a rent-to- buy arrangement. Our rental restriction also grants us the right to deny rental to sex offenders or individuals with certain criminal backgrounds.
Do you have reserves?
As a smaller sized community with a budget under $500,000, we are not required to maintain reserves. However, we have a healthy reserve fund which we add to each and every month.
Are you adequately insured?
In 2016 we did a complete and through insurance review and increased our coverage to reflect the increased property values of the common areas as well took into consideration the many upgrades recently completed
What are the monthly HOA dues and what do they include?
The monthly HOA dues are $275 a month and include maintenance of all the common areas – clubhouse, pool, tot lot, basketball court – as well as security and common area landscaping and irrigation. Cable TV, alarm monitoring, and landscaping of each home is up to the homeowner’s choosing. Water for irrigating each home is paid for by each resident and comes from the City of Boynton Beach.
Do you have rehab or halfway houses in the community?
What types of collection policies do you have in place?
We have a uniform collection policy which outlines our collection policies such that they are uniformly applied, and are designed with the intent of minimizing our financial exposure for homeowners who for whatever reason do not pay their dues timely.
Do you have a lot of foreclosures?
While our community was, like many, negatively affected by the economic downturn, we are pleased to say that we have very few foreclosures and most properties that were in foreclosure at one point have been purchased by owners who have thoroughly renovated and upgraded the homes.
Do you allow yard sales or garage sales?
No, our documents expressly prohibit these types of activities.