Special Assessments appear when an unexpected expense comes up and the funds are not enough to cover for this situation. Good property management Aventura services are prepared for a situation like this and here are some recommendations you can consider to reduce the possibility of a special assessment.
Why does the Board of Directors Approve a Special Assessment?
Whether you like it or not, a Special Assessment plays an important role in your Condo or HOA. If there is a situation that needs to be covered, then this is the only option that the board of directors has to cover for that expense. The truth is that Special Assessment could be avoided with proper management. An unrealistic budget, the lack of future preparation and delinquent owners are the main reasons special assessment becomes the only option. Just follow these recommendations and there won’t be a need for a special assessment
Recommendation #1: Keep your Budget as Realistic as Possible
It is necessary to make a real budget. Increases are not welcomed by many people, but it is better to have a small increase in the current payments than paying a whole bunch of money when an unexpected situation comes. You need to include the payments that came up during the present year and consider them for the next. Current expenses will not disappear unless something has been done to lower them down. If you are paying a specific amount of bills this year than you will probably continue paying them next year.
Recommendation #2: Consider a Reserve Study
A reserve study will determine what will happen in a couple of years. This investment is necessary because you need to know what might happen during the next couple of years. Buildings and property deteriorate with time and if something needs repairs or replacement, then there is no way out of it.
Recommendation #3: Avoid Delinquencies
No one should be allowed to stay behind with their payments. It might get difficult sometimes, but delinquent owners have to pay as soon as possible. It is essential for the association to have the money they have foreseen for the budget to avoid the loss of funds. You can try to be the good guy with the neighbors, but in the end, a delinquent account is tough to pay when lots of money accumulates. Refer the situation to a collection agency so they can take care of the situation. Even your neighbor will thank you for alerting them.
Good management is essential for the well being of owners and the board of directors of the association. It is necessary for everything to be organized. This will allow things to go smoothly. Once you have made the right budget, included future projects or repairs, and required all the payments to be up to date, everything will go well.
For more interesting articles related to property management issues, visit our website for more important information. https://www.us-florida-property-management.com/aventura/.
Aventura, Florida 33160
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