Working closely with your condo association is crucial for successfully managing the new regulations and the associated costs.
1. Attend Meetings:
- Stay Informed: Regularly attend condo association meetings to stay informed about upcoming inspections, repairs, and budget discussions.
- Voice Concerns: Use these meetings as an opportunity to ask questions and voice any concerns about the financial impact of assessments and repairs.
2. Review Association Documents:
- Financial Reports: Review the association’s financial reports to understand the current reserve funds and any planned special assessments.
- Maintenance Plans: Check the association’s maintenance schedule and plans for future repairs to anticipate potential costs.
3. Advocate for Financial Planning:
- Reserve Studies: Encourage the association to conduct regular reserve studies to ensure adequate funds are available for future repairs.
- Transparent Budgeting: Advocate for transparent budgeting processes and clear communication about how funds are allocated.
4. Form Committees:
- Maintenance Committee: If your association doesn’t already have one, suggest forming a maintenance committee to oversee building upkeep and ensure that inspections and repairs are conducted promptly.
- Finance Committee: Participate in or suggest forming a finance committee to help manage budgets, plan for future assessments, and explore financing options.
