Your association’s reserve study is complete. You have identified the useful life, replacement costs and any significant repair costs for each common component owned by your community. Based on this information, you have identified what amount you will need to collect each year from homeowners. However, your bylaws require that increases in assessments must be approved by the majority of households. So now what?
You will need to gain support for increased assessments in order to fund your community’s reserves. This can be a challenge for small, ...Continue Reading →