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Helping you understand community association business with industry leading insight.
While there are obvious indicators of underfunding, others are less visible but just as detrimental. So, what exactly are the signs of an underfunded condo association or HOA?
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Managing the finances and reserve funds of a condominium association involves more than just paying bills and collecting dues; it also entails maintaining a comprehensive financial plan to ensure long-term stability and protect property values.
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Reserve planning is a pillar of responsible and effective management of any community association, but the process is often a mystery to those who fund reserves – the residents.
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Here, we will discuss best practices for condominium associations, challenges you may face along the way, and how to ultimately use your reserve study to lead your community to a prosperous future.
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Reserve studies are integral to the health and sustainability of any community association, but they aren’t just a capital planning tool – they play a direct role in influencing condominium and HOA property values.
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Whether you’re a community association manager, board member, or resident, having a firm grasp on the legal requirements for reserve studies and reserve funds in your state is crucial to your community’s wellbeing.
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Florida’s real estate challenges are not just a local issue—they are a lesson for us all. Underfunded reserves aren’t just a budgeting issue—they threaten community safety, financial stability, and long-term property values. By investing in their community today, associations can ensure a prosperous future.
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Maintaining adequate reserve funds is crucial to keeping any community association running smoothly. But, what exactly are adequate reserve funds, and how do they impact the board, managers, and residents?
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Updating your association’s reserve study is essential for the financial and physical wellbeing of the property and residents alike. Updates keep funding plans and repair and replacement schedules on track, and current and future homeowners will benefit from stable, equitable reserve contributions.
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Reserve studies provide a comprehensive report containing what may seem like an endless amount of information about your association, and can be understandably intimidating to digest. While all the details provided are valuable, reading and utilizing a reserve study report doesn’t have to be an overwhelming task. If you’re looking to get to the meat and potatoes of your report, this guide is for you.
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