Tag Archives: repairs

Association reserves hurt by low interest rates

Many community associations, including one you might live in, are concerned about their reserve accounts these days. Community associations collect fees from residents who live in a defined location, such as a condominium building or a neighborhood of homes, and use those funds to pay for emergency repairs and maintenance.

Authors: Community…

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WV: Analysts: HOAs need financial reserve plans

Big-ticket items for a housing development such as road repairs aren’t cheap, but paying for them can be easier if homeowners associations have made the necessary financial preparations and laid the groundwork to handle this kind of expense over time.

Authors: Community Associations Network National

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If You Had a Hammer

Get down to brass tacks (not to mention green dollars) with a comprehensive maintenance and repair plan.

 

A 264-unit high-rise condominium community in Alexandria, Virginia, recently imposed a special assessment of almost $9,500 per unit to fund a $4-million exterior repair project. The project concentrated on repairing spalled concrete on balconies and refinishing stained and discolored window units.

Why was such a basic project performed on such a grand scale, with such a huge price tag? Lack of regular maintenance. The community had failed to maintain cementitious coatings on the balcony decks and ledges, to replace deteriorated non-shrink grout around balcony railings, or to periodically clean windows, resulting in sand from the brick veneer reacting with and staining window glazing.

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