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 [...]
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 [...]
The governing documents of a homeowner or condominium association in Washington State are important legal documents that outline the rights and responsibilities of homeowners and the association. They are typically comprised of four main documents: Declaration of Covenants, Conditions, and Restrictions (CC&Rs): This document establishes the fundamental rules and restrictions that apply to all homeowners [...]
As of today, January 2024, the latest guidance from Fannie Mae and Freddie Mac on condominiums involves their updated project review requirements that came into effect on September 18, 2023. These policies were established in response to the tragic Champlain Towers South collapse in Florida and prioritize project financial stability and structural integrity. Here are [...]
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 [...]
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 [...]
In many associations with the new year comes a new set of board members. In most associations there is no transition program and the newbies learn as they go. This can be problematic as many positions have responsibilities such as secretary or treasurer. Unless the senior members are proactive, then the new members have learn [...]
The Challenges of Raising Assessments to fund association reserves As a board president in Washington State, you've just discovered that your association needs $200,000 to replace the clubhouse roof due to a leak. Your operating budget has no contingency funds, and your reserve fund, which has not had an increase in many years, has a [...]
