HOA News, Advice, and Tips
The value of a property can often be determined by its curb appeal, so it’s important to carefully evaluate potential landscape maintenance contractors for your community. Landscape and grounds maintenance contractors come in various categories. Some may simply mow lawns while others provide a wide range of related services. So where do you begin to […]
Continue ReadingWinter is here and now is a good time to reflect on actions condominium and townhome associations should take to prevent extensive damage caused by frozen pipes in abandoned, vacant and inhabited units – when owners leave for a brief vacation or for other reasons. The current economy in most areas of the country has […]
Continue ReadingNew Associations in today’s economic environment are struggling with the need for having reserves, but reserves are critical for an Association to preserve the property and have funds for capital expenditures. Equipment and major components (like the roofs) must be replaced from time to time, regardless of whether we plan for the expense. We prefer […]
Continue ReadingHomeowners and homeowners’ associations often face expenses to maintain or repair their property. It makes sense to look for the most affordable contractor available to do the work. Many times, through friends or relatives, a homeowner will come across an unlicensed contractor during their search for a person to do the work. The unlicensed contractor will […]
Continue ReadingHoly cow! I can’t believe it is time to begin preparing next year’s budget. Where to start? The first item of business is to retrieve the financial information for the last year and determine what the association spent this year. Look at the trend for the expenses. Are you spending more or less money than […]
Continue ReadingEvery community association should have a financial plan that sets forth the proposed expenditure of funds for the maintenance of the common areas/elements under the association’s control and for the management and operation of the association itself. The financial plan, or budget, is the foundation document for the association’s financial operation and stability. It provides a preview of the coming year’s expenses, and provides a benchmark by which the current year’s expenditures can be judged and evaluated.
Continue ReadingReserve studies are a critical tool for common interest communities. They play a central role in budgeting and planning for the future costs of capital components. They help the board set priorities for planning and management involvement. They affect potential liability of deferred maintenance and the useful life of the physical assets of the association. They can affect the marketability of homes in an association. Some state law requires them. So what are they?
Continue ReadingTo make prudent fiscal decisions regarding spending association funds, it is necessary to realize the importance of getting viable bids for large expenses or when contracting for a monthly service. The first step in this process is to determine if you are ready for a formal bid or just looking for information.
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