Budgeting for Deck and Balcony Maintenance in Washington Condominiums

By |2024-06-17T14:41:17-07:00June 17th, 2024|Community Assets, Repairs|

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 [...]

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Love or Hate your CC&Rs

By |2024-06-03T13:55:38-07:00June 3rd, 2024|Uncategorized|

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 [...]

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Fannie Mae and Freddie Mac Requirements for Washington State Condominiums (2024)

By |2024-05-28T11:20:07-07:00May 28th, 2024|planning, Reserve Balance, Uncategorized|

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 [...]

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Underfunded Reserves in Washington Condominiums

By |2024-05-19T12:28:16-07:00May 19th, 2024|Uncategorized|

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: [...]

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Essential Deck and Balcony Inspections in Washington Condominiums Associations

By |2024-06-13T13:10:48-07:00May 14th, 2024|Major Projects|

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 [...]

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Washington Senate Bill 5796

By |2024-05-14T09:26:44-07:00April 8th, 2024|Legal|

There's a new law (Senate Bill 5796) that will significantly impact homeowners and condominium associations (HOA) throughout Washington. This bill rewrites the Washington Uniform Common Interest Ownership Act (WUCIOA) almost entirely. Formerly, HOAs follow different rules depending on when they were established. This new law proposes applying a uniform set of rules, the WUCIOA, to [...]

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5 Ways a Reserve Study Saves Your COA / HOA Money (and Increases Property Values!)

By |2024-03-21T13:57:09-07:00March 21st, 2024|Uncategorized|

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 [...]

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Unhappy with your Contractor? 5 things you should do right now

By |2024-03-11T12:49:07-07:00March 10th, 2024|Uncategorized|

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 [...]

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5 lies your contractor will tell you when your not happy with your capital project

By |2024-02-27T12:59:23-08:00February 27th, 2024|Uncategorized|

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 [...]

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Are Association Covenants, Conditions, and Restrictions Legally Binding?

By |2024-03-01T14:50:30-08:00February 2nd, 2024|Legal, planning|

We had a board member who called us with this question recently. The answer is Yes, in most cases, condominium/ homeowner association CC&Rs (Covenants, Conditions, and Restrictions) are legally binding. Here's why: Contractual agreement: When you purchase a condominium in a Washington State association, you agree to abide by the CC&Rs as part of the [...]

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