Now that it’s been been just a short time since a near miss by a very large and angry looking Hurricane Irene, we thought we would talk for a moment about reserves. Reserves are money set aside by associations to deal with large renovation, repair and remediation projects – either from catastrophic events, such as storms, or from the natural aging…
Preventive maintenance is the regular inspection and repair of equipment and facilities to prevent extensive, costly damage from occurring over time. Preventive maintenance can go a long way toward reducing the overall cost of your condominiums, as large expenditures for repairs and replacements can often be avoided by a careful attention to detail. Following a thorough condominium preventive maintenance checklist can help you to increase the attractiveness of your properties, boost your tenants’ satisfaction and strengthen your profit margins.
Well-maintained condominiums increase owner satisfaction. Inspections
Perform regular inspections on all equipment and facilities that are subject to damage or normal wear and tear. Inspect such things as roofs, pools, insulation, ventilation systems and appliances to ensure that they are operating safely and efficiently. Make inspection a priority among your maintenance staff; create thorough checklists that must be marked off and signed by the inspecting employee, and hold inspectors accountable for the thoroughness of their examinations.
News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network
How should your association board make business decisions? In a word: Diligently.
Diligence is the key to business decisions of community association boards. If your association winds up in court because an owner disagrees with a repair project, or a decision not to repair, you’ll want protection under the “business judgment rule” – the process the board should have used to make its decision.