Monday, December 19, 2011

New Years Resolution

You Have One...Does Your Condo?

Every year, people make the same resolutions: go to the gym, eat healthier, spend more time with family. This year, it might be time to consider a New Years resolution for your condominium. What have you been putting off for years? What needs to be done? With 2012 budgets still being finalized, NOW is the time to start the discussion.

Where Do I Start?

Speak with your board or management company. See if you can look over the budget and financial health of the condominium. Go over the projects that you want and present them to the board in a letter or at an annual meeting. Simply by getting owners thinking about these projects is the first, most crucial step. How will these benefit the entire condominium? Safety, curb appeal, increased value on their investment? These are important questions to address.

Can We Afford It?

If the board and owners know what to expect over a calendar year, it is much easier to fund large capital improvement projects. Make sure you have an adequate reserve contribution for emergencies, but perhaps set up another account for "capital improvements". A 5%-10% increase in condominium dues for a year can yield large reserves for projects. Perhaps a one-time special assessment is more appropriate. These are questions your board and your management company can and should address!

Need Ideas?

Nothing coming to mind right aware about goals for 2012? Is the fire system up to date? Security system? Do the interior walls need to be painted? Perhaps some landscaping at the front entrance? Spend 5 minutes walking your building and make a list of things that you believe need attention. With a plan set in place, you could be relaxing on that beautiful roof deck you've always wanted in 2012. And besides, the gym will still be there in 2013 right?

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