Generally, communities with HOAs require homeowners to pay monthly dues. These dues are used to pay for neighborhood upkeep and many other factors. However, in some cases, an optional cost may appear. For example, the community may decide it wants a community garden, but it isn’t in the budget. In these cases, holding a neighborhood fundraising event is the perfect solution. Check out these great ways to raise money.
Hold Hobby Lessons
Everyone has a hobby they love, so why not let them share that hobby with the neighborhood. Residents can teach others how to do something, such as cooking, knitting or automotive care. The residents can volunteer to teach, and the HOA can charge a fee to attend, and the money can be used for whatever special project they are working on.
Organize Neighborhood Sales
Neighborhood sales are a fantastic idea to make money because you can attract residents from the community and people from outside the neighborhood, widening your pool of revenue. Sales could include yard sales, bake sales, craft sales, etc.
If your community is located near great nature trails, consider having an educational hike. Make sure you have someone who can identify certain species of plants and discuss how the area came to be. You can either charge everyone who wants to attend or just request donations after all the fun.
Play Some Poker
Creating a poker night lets both residents and the HOA win a little. One way for the HOA to make money is to charge an entry fee for the event. The HOA can also request that winnings be split between the residents and the HOA.
Have an Auction or Raffle
Ask residents to donate items they no longer need or want (or services they can provide) to the HOA. Then hold an auction or raffle and award the prize to the highest bidder, or draw. You can do a traditional auction, where residents pay for tickets, or host a silent auction. If you host a silent auction, consider serving a meal because then you can charge everyone who attends.
Request Donations or Sponsors
Whatever you decide to do, paying for it may prove difficult, which is why it’s a good idea to request donations or sponsors. Local businesses can help pay for your event, and in exchange you can promote their business, or promise them the HOA’s business.
Fundraisers are a fun way to raise extra money for the community. Of course, your residents will still need to pay their
monthly dues, but you can make paying for the extras easier.