Things Boards Should Consider

The blog discusses important considerations for condominium boards when facing unexpected major repairs or replacements and the need for additional funds. It mentions two common ways to raise funds: Common Element Fees for day-to-day operations and reserve fund contributions and Special Assessments for special projects or large repairs. However, it cautions against frequent special assessments and emphasizes the need for careful planning and realistic budgeting. Communication with unit owners is vital during special assessments, and townhall meetings, newsletters, and online portals are suggested for conveying information. Borrowing funds is also mentioned as an option to reduce immediate financial burden and spread expenses over a longer term.