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Tag Archives: cost

Best Practices for a Smooth Budget Process

Does your association have a budget? If it does, how is it prepared? Is it even followed? Here, we provide tips for creating a budget process that works well for nearly all associations.

 Know fundamentals first

Start your budget process by understanding why budgeting is important. Aside from the obvious benefit of creating a well-run association, having a solid budgeting process helps protect the value and marketability of your association’s units. Without it, lenders may be unwilling to lend for the purchase of a unit or to the association, and buyers may feel burdened and walk away because they don’t want to assume the fallout of bad decision-making in prior years.

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Penny Wise and Pound Foolish

During this tough economy, associations are looking for ways to trim expenses; but opting out of insurance coverage is not a prudent choice.  In my opinion, even the smallest homeowners’ association needs insurance coverage.  If an HOA owns any property, then there is a risk that a resident, visitor or guest could be injured or hurt on that property.  Insurance claims are rare, but it is too risky to consider going without coverage.

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FL: Screen door in Arbors Village could be priciest in Martin County

A two-year legal battle pitting the Arbors Villages Association in Hobe Sound against a 90-year-old homeowner accused of violating the rules for replacing a screen door could cost the community’s residents hundreds of thousands of dollars – especially if the courts keep ruling in the man’s favor.

Authors: Community Associations Network National

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