In this challenging economy, many condo and HOA communities are struggling to pay their bills while planning for future needs. Still, most boards are loathe to raise maintenance fees or levy special assessments on their residents until ther…
After a prolonged fight between Republican Governor Chris Christie and Democratic lawmakers, Gov. Christie signed a $33.8 billion dollar budget for New Jersey into law. Back in February, Gov. Christie proposed cuts nearly across the board …
In New York City, it is not uncommon for boards and managing agents to levy a “flip tax,” or a transfer fee paid to the co-op or condo association by owners who sell their units. “Flip taxes are extremely beneficial as an ongoing fun…
Sometimes the future seems like it’s an awfully long way away. If a roof is going to last 30 years, why should we worry about it today? Same with that shiny new boiler, HVAC chiller or that flat, crack-free pavement just poured two summers…
Those of us without engineering degrees tend to take the buildings in which we live and work for granted. We simply assume that if we go indoors, the ceiling isn't going to suddenly collapse. Of course, buildings can remain upright and str…
Taking care of a condo or co-op building’s budget and finances is a big job. Handling such large sums of money is an important responsibility, and not every shareholder or unit owner has the expertise to do the job well. Sure, most people …
Imagine sitting down with your significant other to pay the monthly bills. You both put your checks into a joint account and know how much there is to take care of expenses, or so you think. Out of his wallet your husband pulls out receipt…
One of the biggest problems that can cause the downfall of any co-op or condo is a lack of funds, or more specifically, not enough money to keep operations running smoothly and to make the necessary repairs to keep everything up to par. …
As the 2012 federal legislative fiasco over the debt ceiling—as well as any number of other spending bills proposed since then—demonstrated, balancing a budget can be like pulling teeth. Balancing a condo or HOA community's budget can some…
Preparing the annual budget is by no means an easy task. Those charged with preparing cooperative, condominium or HOA budgets will soon begin reviewing costs, gathering data and projecting expenses for the coming year. Communities, busines…