HOA & Condo Collections

The Needy, The Greedy, & the Seedy. HOA & Condo Collections

Not all HOA & Condo delinquencies are created equal and each one has it’s unique circumstances. However, in most cases the delinquent owners can all fall in to one of three categories: The Needy, The Greedy, and The Seedy. The only question remains is: How do we handle these HOA & Condo Collections? The Needy member of an association may have fallen into bad circumstances either due to unforeseen financial events, unfortunate circumstances, or even by circumstances that often happen at community associations. People lose their jobs and sources of income or have their investments go bad due to no fault of their own, their family economy suffers a loss… Read More

Continue Reading

Deck / Lanai Refurbishment, Replacement, Maintenance – A Common Budgeting Mistake

  Decks / Lanais systems are typically one of the larger project expenses a community will face. Budgeting for their short and long term care is not always as straightforward as it appears to be as the degree of deterioration of this component is heavily reliant on historical maintenance trends in the community. I will touch on one of the more common budgeting mistakes we see on a regular basis. Maintenance and proper care will actually save a community a significant amount of money in the long run; deciding who (and how) this component is maintained can have a significant impact on the budgeting recommendations in the reserve study as… Read More

Continue Reading

Condo’s Underfunded Reserve Creates Many Problems

C.R. from outside of Connecticut writes: Dear Mister Condo, I live in a condo building with 58 units. There are zero adornments except for a very nice meeting room. We have two elevators which travel eleven floors up and down. I am currently serving on the board. Our Reserve fund is at 18K which in my eyes is very low. We will need a major elevator repair in a few years and increasing insurance as well as a rooftop service plan. We have decided to increase HOA dues 15% = $3000. more each month or 20% increase equaling an extra $4000. per month. We want to propose this to our… Read More

Continue Reading