Cost of Ownership: 

Late Fees and Interest

In spite of the difficulty some owners have keeping up with relatively high association dues and "special assessments", Beaver Ridge penalizes "late" payments by the maximum possible rate allowed under the West Virginia code from the first day due.  Not only are owners charged 18% interest, but fees are levied in addition to this that even the board admits are "significant."

Missing a payment means incurring an additional cost that adds almost 40% to the monthly fee.  So instead of $195 (for a one bedroom) the true cost each month becomes about $270 (this is before "special assessments" are added).

The board is quite aggressive in shaming and pursuing members it considers "delinquent" using methods that it admits are quite "unpleasant."  Heavy penalties and an unwillingness to settle accounts as other creditors do make Beaver Ridge ownership comparable to a high-interest credit card from which there is no escape outside of bankruptcy. 

Some owners have lost everything in tax sales.

Next Issue: Shared Legal Expenses

Home