Insurance is a crucial component of condominium living in Washington State. However, in recent years, the cost of insurance for condo associations has surged dramatically, becoming a significant budgetary concern. This trend mirrors a broader industry shift known as a "hard market," characterized by reduced insurance availability, higher premiums, and more stringent underwriting standards. While [...]
Detention Ponds vs. Retention Ponds: What's the difference in Washington State. In Washington State developers are being required to put in storm water management systems. The intent is to minimize the impact on the storm water drainage system while trying to return the rainfall to the qualifiers. The terms "detention pond" and "retention pond" are [...]
Protect Your Pavement Condominium (COAs) and homeowner associations (HOAs) are responsible for maintaining a variety of shared spaces, and the roads within their communities are no exception. Cracks, potholes, and a faded surface can not only be unsightly but also pose safety hazards. While complete asphalt replacement can be expensive and disruptive, slurry seal offers [...]
Budgeting for Deck and Balcony Maintenance in Washington Condominiums In Washington state, decks and balconies are a significant expense for condominium associations. Proper maintenance is crucial to avoid costly future repairs and replacements. We have found that decks and balconies are an area of significant expense particulair if the association has not been doing regular [...]
Regular Deck Inspections in Condominiums Condominium living offers a unique blend of comfort and convenience, with shared amenities like decks or balconies creating a sense of community. However, these outdoor spaces also come with inherent risks, particularly when it comes to structural integrity and safety. That's why regular deck / balcony inspections by qualified professionals [...]
Lies Contractors Tell your condominium or homeowners association Washington state homeowners are expected to spend an average of $8,822 on repairs and renovations for their homes in 2023. This is according to a recent survey by HomeAdvisor, a marketplace for home improvement services. For a 30 unit condominium thats over $260,000, which is a significant [...]
7 reasons to not ignore your condominium reserve study: Deferred maintenance: Without a reserve study, it can be difficult to budget for and plan for major repairs and replacements. This can lead to deferred maintenance, which can cause the condition of the condominium/ homeowner complex to deteriorate over time. Special assessments: If the condominium/ [...]
Aging Infrastructure in Condominium Complexes The Surfside Condominium collapse continues to resonate through the industry sounding the alarm about the health of building's infrastructure. Many boards are still operating in the dark underfunding reserves in the hopes that we won't have a failure. Other boards feel comfortable in having $100,000 plus in reserves that they [...]
We frequently get questions from board members on why certain assets not included. What assets are most likely to be excluded? The general rule is if a component (assets) has a life greater than 30 years its outside the scope of the study. For example, natural gas piping has a life of 50 years [...]
What is the Fannie Mae 'unavailable condo and co-op list'? Did you know condo associations can land on the list if it has violations related to structural or mechanical repairs that need to be completed? Imagine a Pacific Northwest condo association that certain lenders won’t touch: It could be a nightmare situation for a buyer, [...]
