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Preventative & Predictive Maintenance are Critical to Your Replacement Reserves
Reserve Fund Studies are based on the assumption that components will reach their maximum useful life. However, if a preventative maintenance plan doesn’t accompany your reserve study, it’s highly unlikely some components will ever reach their maximum useful life. -
Preventative Roof Maintenance is Crucial to the Sustainability and Longevity of Your Roof
We can all agree there are many important elements to a housing structure, but your roof is probably the most important. Changing temperatures, snow accumulation, large amounts of rain, ice dams and high winds can all cause major damage to condominiums, townhomes and single-family homes. These harsh weather conditions can create all sorts of problems, from minor leaks to major cave-ins that can cost a condominium corporation thousands to repair. -
The Difference Between Operating Costs and Condo Reserve Fund Expenditures
Sometimes confusion exists over what expenses the operating budget covers and those that are reserve fund responsibilities. If board members understand the difference between the two, it's much easier for them to make the correct decisions when managing the affairs of the condominium corporation. -
7 Financial Must-Do’s for Condo Corporation Success
There are so many things to enjoy about living in a condominium community. Among them are the sense of community, the great amenities and the high standards. However, if your condo corporation’s finances aren’t stable, none of it is possible. -
Seven Tips for Preparing an Effective Annual Budget
Proper condominium management depends upon the annual budget for both short- and long-term financial planning. It’s important to follow some guidelines to ensure the success of the community and protect the investment of the owners. -
The Sharing Economy Part 2: Reducing the Risks to Condo Associations and Residents
Short term vacation rentals are popular with both travelers and the homeowners that rent to them. Perhaps you have stayed in a home that was advertised on Airbnb or VRBO. Maybe you have rented your home this way. For the most part people love this alternative to staying in a hotel or a B & B. But what are the implications when the home is part of a multi-family community? What about the common areas and amenities for which all the owners pay upkeep? There can be insurance implications as well. This article discusses some ways the risks to the condominium and its residents can be reduced. -
Six Simple Steps to Develop Your Condo Budget
A good budget provides the framework for the successful operation of a condominium corporation. Sometimes condo board members are daunted by this important undertaking. We have broken the task down into manageable steps to help you create a financial plan that will accomplish your goals. -
Smart Financial Planning
Safeguarding a condominium corporation’s operating and reserve funds is one of the main fiduciary duties of all board members, not just the treasurer. This means that boards must protect the financial interests of the corporation and its members by making sure all funds are properly managed, invested and protected. -
Staying Ahead of Your Condo Corporation’s Maintenance and Improvement Projects
Continually maintaining and improving your property is crucial if you want to protect your condominium corporation’s financial health. To ensure that these important responsibilities are well managed requires a long-term plan and a means of effectively handling day-to-day projects. Here’s how you can make that happen. -
The Role of Your Condo Board Treasurer
The board of a condominium corporation has many roles and responsibilities. This article highlights the importance of the duties the treasurer must fulfill on a volunteer condo board. -
Long-Term Community Planning is Your Legacy
Adequate funding and planning preserves your community for future residents. -
Florida HOA Laws 2020
Learn more about which Florida HOA laws passed in 2020, and how these new bills will affect your community. -
What Do Association Fees Pay For?
Knowing where your assessment money goes is essential to being a savvy association or co-op resident. In this article, we break down the main cost categories. -
Condo Capital Improvements: Lending Solutions for Condominium and Co-op Boards
FirstService Residential and FirstService Financial work in tandem to help our clients successfully finance capital improvement projects and save money without compromising quality of service. -
Tax Certiorari: Fast Facts for Boards and Owners in New York City
FirstService Residential managed properties have access to the tax certiorari experts at Goldberg Weprin Finkel Goldstein LLP, the premier firm in this specialized field. -
FISP (Local Law 11) - Understanding Cycle 9 Requirements in NYC
FirstService Residential has invested substantial resources to facilitate each of our managed properties with facade inspections and is here to help you navigate the many intricacies of FISP. -
4 HOA Strategies to Cut Costs and Maintain Assessments
There are valid reasons to raise assessments, but in some cases, you may be able to go a different route. Here are four strategies to save your HOA money and keep assessments stable. -
5 Surprising Reasons to Raise Your HOA Assessments
If your main concern is to avoid increasing assessments, you may want to reconsider. As a board member, one of your primary fiduciary responsibilities is to protect property values, and assessments are an investment that helps do just that. -
Reserve Fund? Special Assessment? Loan? 3 Ways to Fund Capital Improvements
Great capital improvements improve property values. Read on to see the three ways to pay for them and the pros and cons. -
Reserve Funds: Six Ways to Improve Association Returns
Are you really getting the best returns on your reserve funds? Most board members aren’t sure. Learn six ways to improve your reserve fund returns. -
Market Trends & Best Practices: Property Insurance for Boards & Building Owners in 2021
Around the world, the property and casualty insurance industry experienced record losses from 2016 to 2019, and consumers are now feeling the effects on both a macro and micro scale. -
Automating Compliance & Inspections for Multifamily Buildings in NYC
Robust automation software can help boards and building owners in New York City satisfy local law compliance deadlines and inspection cycles. -
How to fight a special assessment: Avoiding HOA special assessments
For board members, special assessments are typically unwelcome necessities. They are primarily needed because reserves have been underfunded and must be supplemented to pay for large capital projects such as replacing roofs or mechanical equipment. -
Ask the HOA Insurance Experts: Why are Premiums Spiking by 30%?
Insurance premiums are on the rise. Find out why the markets are hardening and find the right coverage for your Arizona association.