The Pacific Northwest is known for its stunning landscapes, but it also faces a variety of natural hazards. To ensure the safety and well-being of residents, community associations must be prepared for potential disasters. Our area has a history of experiencing: Winter storms: Heavy snowfall, freezing rain, and strong winds can disrupt daily life and [...]
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 [...]
Securing a mortgage for a Washington condo requires more than just good credit and income. Fannie Mae, the major buyer of mortgages, has strict guidelines that impact loan availability. One key factor for Fannie Mae approval is the condo association's reserve study. A Washington state reserve study analyzes upcoming expenses for major repairs and replacements [...]
HOA would not let boat be visible Homeowners Associations (HOAs) and Condominiums (COAs) are governed by Covenants, Conditions, and Restrictions (CC&Rs) which dictate how residents can use their property and the common areas. These CC&Rs can have a significant impact on a buyer's lifestyle and finances. Realtors have an ethical obligation to ensure [...]
Fannie Mae and Freddie Mac have tightened their requirements for condo financing in 2024, especially regarding financial stability and reserve funding. Here's a breakdown aligned with your previous text: Condo Reserve Fund Standards: Minimum Reserve: While a 10% rule of thumb exists, Fannie Mae and Freddie Mac now require a minimum reserve amount based on [...]
Underfunded Reserves in Washington State Condominiums Similar to the national situation, underfunded reserves are a major concern for condominium associations in Washington State. One key reason for this problem is that condo boards may have an overly optimistic or uninformed view of the true cost of maintaining their community's common areas. Here's a common misconception: [...]
At first glance Condominium and Homeowners Association will see that the initial cost of a reserve study as expense. However, the long-term financial benefits for an association far outweigh that initial expense. Here are 5 examples of how a current reserve study can save your association money: Proactive Planning & Budgeting: A reserve study provides [...]
Review the contract: This is the governing document and hopefully the board closely examined it before it was signed. A good contract stipulates what each party's responsibility is. This will help you understand your rights and the contractor's obligations regarding work quality, timelines, and dispute resolution procedures. For example, if there is a cost overrun [...]
Even after careful selection, condo associations might encounter problems with a seemingly reliable contractor. While some projects face genuine challenges, repeated issues could signal deeper problems with the contractor's competency or management. Here are 5 red flags to watch out for: 1. Supply Chain Issues: This excuse, while relevant during the pandemic, is fading as [...]
5 key things every homeowner should know before joining their HOA board of directors: dealing with conflict 1. The time commitment is real: Being on the board isn't just attending monthly meetings. Expect regular committee work, handling resident concerns, and potentially dealing with emergencies. Ensure you have the time and flexibility to dedicate [...]