In the past two years we have seen maintenance costs of our associations sky rocket. In light of this, HOAs and condos may need to pivot by adjusting the year-to-date budget, increasing assessment rates or levying special assessments. With increasing vendor rates, labor costs, and materials due to inflation, it’s also wise to proactively review your association’s reserve study to ensure it’s up to date. Here are five things an association can do to manage their way at this time:
- Review major expenses such as insurance and see what alternatives are.
- Review major projects and consider using today’s dollars to fund the project.
- Create a maintenance committee and have a work party to take on some of the simple projects such as paint touchup, bulb changes etc.
- Identify owners who are behind on dues and work on collecting them.
- Communicate a plan with owners on what the future assessments will be
