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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.

Your association should never have to rely on a special assessment for a capital expense that could have been foreseen – or even prevented. Here are five tips to keep your Chicago high-rise condominium association's budget in the black and keep up with maintenance and capital improvements.

Nothing lasts forever…and when it comes time to replace your high-rise roof, community pool or to add new amenities, your association will need to determine how to pay for it. All of these things – significant repairs and replacements, as well as new construction – are considered capital improvements.

Nothing lasts forever…and when it comes time to replace your high-rise roof, community pool or to add new amenities, your association will need to determine how to pay for it. All of these things – significant repairs and replacements, as well as new construction – are considered capital improvements.

There’s a lot to love about living in a community with a homeowners association (HOA). The amenities. The sense of belonging. The high aesthetic standards. But none of that happens without stable finances. With that in mind, here’s the bottom line on financial best practices for your HOA.

The chief responsibility of a community association board member is to preserve, protect and enhance the community. That includes, above all else, its financial health. But you can’t affect the financial health of your community if you don’t understand where it is when you join the board. Balance sheets are the best tool for gaining that basic understanding.

Budgeting can be tough. It requires that boards look at their priorities and the needs and wants of the community, plus the money coming in and going out -- and making it all balance. As an association board member, producing a responsible, effective budget is one of your primary responsibilities.

Dive into the details of creating a strategic plan for your homeowners association.

As a homeowner, you want to live in a place that accentuates your style – from a beautiful entrance monument or exquisitely decorated building lobby, complete with freshly pruned trees and lush landscaping – but unless your association board has strategically planned out your community’s budget, you can forget all of that. The budgeting process is a valuable opportunity to explore the current financial condition of your association and ensure its financial stability for the future.

Having an integrated plan is the key to proactively addressing your property's maintenance needs. Here are six things you need to do for an effective preventive maintenance plan.

Are residents in your community always aware of upcoming events, construction projects and board meetings? Do they understand their responsibilities and the policies they need to comply with? When your board clearly and effectively communicates with residents, it has a positive impact on the overall wellbeing of your condo or homeowners association (HOA). Open and honest communication creates the perception of transparency and facilitates a feeling of community.

As a homeowner, you can do your part to make communication in your community association better. Find out how.

Reserve components are association maintained major property components with a determinate useful life. The analysis of the reserve components results in accurate and supportable annual reserve fund contributions.

Maintaining the health of your Minnesota community homeowners association’s finances is similar to the way you keep yourself healthy: make good choices, don’t overindulge and exercise good judgement.

It’s no secret that association management is a big job. Across Minnesota, common areas require a lot of routine maintenance to uphold community standards – things like exterior light bulb replacements, landscaping and paint touch-ups. Depending on your townhome community, the scale of your amenities' needs will vary.

It’s that time of year again – budget season is upon us. You know the things to consider when creating your budget, but what drives your process? Are you focused on achieving a particular vision for your community? Avoiding conflict in the community? Solely looking to avoid increasing dues?

Are residents in your community always aware of upcoming events, construction projects and board meetings? Do they understand their responsibilities and the policies they need to comply with?

As a homeowner, you can do your part to make communication in your community association better. Find out how.

Does your board know the secrets of effectively communicating with residents?

If you're on the board of a condo, co-op, high-rise or HOA, you know that managing your homeowner's association budget is a major priority. You've likely explored many ways to save money and get the best deals, while still maintaining a high level of service.