We frequently get the question of how much does WUCOIA require an association to put into reserves? The requirement of how much should be put into reserves is not explicitly stated in the Washington State Revised Code (RCW) 64.34, which governs condominiums, HOA's and PUDs. However, the following provisions within RCW 64.34 strongly imply this [...]
For the past 6 years we have seen greater price inflation than the past 40 years. More important for associations the cost of major projects such as paint and roofing have grown 10% to 40% outpacing inflation significantly. Previously many associations were limited in what they could increase dues by their CC&Rs. However since 2018 [...]
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 [...]
Keeping Your Washington State Community Safe: Essential Deck and Balcony Inspections in Condominiums Condominium living offers a unique blend of comfort and convenience. Shared amenities like decks or balconies create a sense of community, but these outdoor spaces also require attention to safety. Regular inspections by qualified professionals are recommended. What the Inspection Entails: A [...]
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 [...]
For purposes of this question we are defining capital improvements as the expenditure of funds for new, not previously existing, components. Some associations want to include capital improvements in the reserve study. Most do not. In our experience the only reason that associations include capital improvements in their reserve study funding plan is because 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 [...]
Before a board votes to use reserves to fund a project they should ask three questions to determine whether or not to use HOA or Condominium reserve funds. Members should ask: Is this a maintenance project? Use HOA reserve funds for maintenance projects only. Painting the exterior of the building(s) is a great example of [...]
Reserve studies are a crucial part of financial management for community associations. Despite this, some communities are hesitant about performing one. The following outlines five misconceptions about reserve studies. Misconception 1: Reserve studies are too expensive The cost of a reserve study typically ranges from $2,000 to $5000, depending on the age and complexity of [...]
What is the Lifespan of a Condominium Reserve Study? Today we have client associations who only sign up for us to do a single reserve study and then we don't hear from them for years. The board make think it is being conservative but in reality they are operating using old data as a guideline. [...]
