Condo maintenance and repairs: What are you responsible for?

Dive into what it takes to have a strategic plan for the budgeting process. 

The annual budgeting process offers an opportunity for your board to explore your association’s current financial condition and to ensure your community’s financial stability for the future. Successful association management hinges on a well thought out budget for both short-term and long-term planning.

It’s budget season! Are you stressed? Concerned about a potential dues increase or a large capital project that’s looming in the future? The word “budget” can be scary, so thinking about creating next year’s budget is daunting for many homeowners boards. We’d like to change that. In fact, we don’t want you to view next year’s budget as a task at all.

You may not be able to control rising utility rates, but your condo or homeowners association (HOA) can take measures to make your energy budget go a lot further. Just follow the four strategies described in this article. They’ve already worked for many Illinois properties managed by FirstService Residential.

Has your condo association been looking high and low for ways to save energy and money? The answer may be right over your head. Switching to LED bulbs can reduce your lighting costs by up to 75 percent. In this article, we answer common questions and shed some light on the benefits of LED lighting.

Energy efficiency upgrades to your building’s systems can improve your benchmarking score and help fuel property values for your condo association. But paying for these upgrades takes careful budgeting. Read this primer to learn the basics about budgeting for energy efficiency projects and to find out what can impact the cost.

A new water and sewer tax that went into effect in 2017 is adding to the cost of water in Chicago. The hefty 29.5-percent tax is being phased in over a four-year period. With spring right around the corner, many communities will soon begin using more water on lawns, trees and flowers. An experienced property management company can provide the tools and resources you need to prevent higher water rates from drowning your budget. Here are seven ways condominium associations can reduce water usage and save money.

Knowledge is power. It’s also the first step toward decreasing your condo building’s power consumption. Read part 2 of our two-part series to find out how you can use the knowledge you’ve gained from your Chicago energy benchmarking results to make improvements in your building. You’ll not only reduce your energy use. You’ll also save your condo association some big bucks. 
 
 

The city of Chicago now requires many condominiums to benchmark their energy use. The good news is that understanding your building’s energy performance can help you improve its efficiency and save your condo association thousands of dollars. Here we explain how to comply with the Chicago ordinance and what to do with your results.

When you live in the Chicago area, spring can seem to take forever to get here. Energy costs to keep buildings and common areas warm and well lit can be a big hit on your budget when the temperatures plummet and the days are shorter.

Fortunately, doing a few simple things can reduce your energy costs. Here are some steps that you can take to help your condo save money on energy.