HOA News, Advice, and Tips
Budget season is fast approaching. This process can be streamlined by planning ahead and involving the community association. Usually your manager will work with the treasurer to prepare a draft budget. Another idea is to create a Budget Committee, which comprises members of the community association, enabling residents to have a say in how their money […]
Continue ReadingI know anyone that has any affiliation with an HOA or Homeowners Association has heard of someone stealing or trying to steal money from the Community. The scams are often as simple as writing a check to themselves, either as an administrator, treasurer or president. This is the one constant to which no one paid […]
Continue ReadingOver the last 30 years we’ve helped thousands of clients across the country anticipate and prepare for their community’s major repair and replacement costs with Reserve Studies. Armed with this knowledge HOAs can make accurate disclosures to homeowners and set their monthly dues accordingly.
Continue ReadingReserve studies are crucial for homeowners associations because they will help maintain financial stability while also planning for potential future expenditures. It takes a qualified professional to ensure the accuracy and precision of such a task…a Reserve Specialist! An association is responsible for the long-term replacement or major repair of common area assets over their […]
Continue ReadingCertain expensive common elements must be replaced every 10, 15, or 20 years. Part of preparing the budget includes calculating how much money the association must set aside each year so the needed funds are available when the concrete or hot water heaters need to be replaced. To make sure estimates are as accurate as […]
Continue ReadingTo Group Within a Reserve Study, it’s common to see multiple assets lumped together. For example, the roofs of several buildings or different pieces of common area furniture. It makes sense to group components that will need to be replaced at the same time. In the case of the roofs, they should have the same […]
Continue ReadingWe get lots of questions about how often a reserve study should be performed, as well as what information one needs to provide. To answer some of these questions and simultaneously clear up some of the confusion surrounding reserve fund studies, we’ve put together this handy check-list. In order for a professional engineer or consultant […]
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