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Many people who live in cities like Phoenix and Scottsdale appreciate the rewards that come with living in a high-rise building. Some of the unique advantages include great amenities, security and even concierge services. High-rise buildings are also unique when it comes to insurance coverage. Besides the individual policies that unit owners need to have, the building and common areas must be covered as well.

Your reserve fund is an important way for your homeowners association (HOA) to plan and budget for the future. It gives you the financial ability to maintain the quality of your community by funding necessary—and expensive—projects. Rather than covering day-to-day maintenance expenses, a reserve fund is intended to be used for major expenses like roofing, paving and capital improvements (for example, new construction or remodeling).

As a self-managed association, do you need a management partner? Before making that choice, ask these 6 questions.

Do you dread preparing your HOA’s annual budget as much as you dread stepping outside of your Arizona home on a summer afternoon? You’re not alone. For many HOA boards, it’s their least-favorite task. But look at it this way: You’re making sure that your HOA remains financially stable, and that’s an important job.

There are often valid reasons to raise assessments, but in some cases, you may want to take a different route. Here are three cost-saving strategies.

You may take on several responsibilities as an HOA board member, but Human Resources (HR) should not be one of them. In order to avoid employer liability, your board should leave HR responsibilities to a professional community management company.

Have you ever been in a situation where you didn't know who to call when an issue in your HOA came up because you live in a sub-association of a master-planned community that has two different community management companies? This is a consistent challenge for many homeowners living in multiple managed communities.

Like changing the oil in your car, regular maintenance on a building helps keeps everything working properly and safely. For stratas, some tasks are not optional, they are mandatory.

Up to 60 percent of strata home owners in the Greater Vancouver Regional District lack insurance. A good policy will protect your biggest asset and help you keep your head above water.

Lights, candles and wreaths, oh my! The most decorated season of the year is arriving, with celebrations from many cultures and faiths coinciding in the next few months. For condo communities, the desire to deck the halls can clash with the rules of the corporation. Follow these tips to maintain a festive community without décor running amok.

As strata managers begin their inspection, they note the necessary repairs for winter damage as they make their rounds through the community.

You want your strata to be successful. All council members do. You know that means watching the finances carefully and maintaining the property. But do you think about effective strata council communication as an ingredient in your recipe for success? It is!

As a homeowner, you want to live in a place that accentuates your style – from a beautiful sense of arrival or exquisitely decorated building lobby, complete with freshly pruned trees and lush landscaping – but unless your strata council has strategically planned out your strata’s budget, you can forget all of that.

It’s that wonderful time of year! Many of us are shopping online to get that perfect gift for our loved ones. And, for those doing last-minute shopping, we don’t want to have to worry that something will go wrong with our deliveries.

Condo living has its perks: amazing urban locations close to public transportation, being part of a community without having to do yard work or home maintenance, enjoying amenities like fitness centres, party lounges and pools at your doorstep. Just don’t forget that those perks come at a price – a monthly strata fee. What are strata fees and how are they determined?

As a board member, one of your principal responsibilities is stewardship of the association’s finances. A lot of that boils down to one thing: the annual budget. Unfortunately, for many board members, “annual budget” is just another term for “big headache.” It doesn’t have to be that way. By staying aware of common budgeting pitfalls, you can make the creation of your annual budget less of a hassle – and ensure an entire year of minimal money woes while you’re at it.

Being part of a Homeowners Association is rewarding – yet it can also be challenging at times. Board members are often tasked with difficult duties ranging from proper financial stewardship to navigating community conflicts, and much more.

Is your association really prepared for an emergency? Learn how to develop an HOA emergency preparedness plan in 8 steps.

The HOA board members of your community association serve many important leadership functions. This article will discuss the role of treasurer and the impact they have on the health and future growth of your community.

Great policies can help your association run smoothly, enhance the resident experience and improve your reputation. Here are five questions to ask before creating a new HOA policy.

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.

Living in a high-rise is unlike any other experience. The amenities, concierge-level services and proximity to cultural and entertainment options can be particularly appealing. Vertical communities can face challenges related to the close quarters of residents. Here are some policies to consider to create a more harmonious environment for all.

Financial stewardship ranks near the top of the list of responsibilities for HOA board members. This requires proper allocation of association funds to ensure they are protected and FDIC insured, while earning the best possible rates. Adequate insurance coverage also factors into the equation. It’s a challenging balancing act, but asking the right questions can help.

How do you tackle alignment as a group of diverse individuals with unique values? Follow these four tips on HOA agreement to find out.