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 [...]
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 [...]
7 reasons to not ignore your condominium reserve study: Deferred maintenance: Without a reserve study, it can be difficult to budget for and plan for major repairs and replacements. This can lead to deferred maintenance, which can cause the condition of the condominium/ homeowner complex to deteriorate over time. Special assessments: If the condominium/ [...]
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 [...]
Aging Infrastructure in Condominium Complexes The Surfside Condominium collapse continues to resonate through the industry sounding the alarm about the health of building's infrastructure. Many boards are still operating in the dark underfunding reserves in the hopes that we won't have a failure. Other boards feel comfortable in having $100,000 plus in reserves that they [...]
Once you have found the condominium that fits your dreams, one also has to look at everything outside the condominium. Deferred maintenance. As an owner you have a financial obligation to pay for the maintenance. Does the complex looks like its well maintained? Does it look like the maintenance is being postponed or deferred? Deferred [...]
