Welcome to our blog series, The Five Keys to Effective Association Management.
We took the five biggest issues or questions we heard from our HOA boards that weren’t addressed by their previous property management companies. If you’re on an association board, you can use these tips to plan for the future.
Today, we’re looking at the final key: planning. It’s been said that failing to plan is planning to fail. If you’re a builder or a community that’s less than five years old, you really need to pay attention.
Managing an HOA in Nashville: Planning and Saving
Start saving now for repairs that will be needed in 20 years. If you’re really smart, you’ll start planning for the next 40 years. Think about this: are you responsible for your own roads or sidewalks? What about roofs or shared sewage? Depending on the size of the development, an extra $10 to $20 a month per unit right now can very well prevent special assessments, and high association dues in the future.
HOA Management in Nashville, TN: Budgeting
Your HOA needs to have a sufficient operating budget and a healthy reserve fund. Repairs must be done quickly before they do serious damage, and the only way to manage those repairs is by having enough money to pay for them.
Homeowner’s Association Management: Reserve Study
For older properties, it can be wise to invest in a reserve study. This looks at all the needs for the property over the next 30 to 40 years and makes suggestions on how to budget to meet those needs.
Whatever your situation, it’s never too late to start planning. Our HOA managers are experts in this field and would love to help you in the planning process. Please contact us at Apex Ventures, and we’ll tell you more about how we provide HOA management in Nashville.
