Planning to Defer Maintenance Projects?
While costs have continued to rise across the board, it is very important to remember that deferring maintenance, reducing funding for reserves, and other cost-cutting measures may provide some short-term relief but lead to bigger financial troubles in the future. As we unfortunately continue to witness around the country, such measures can cause deteriorating conditions of the community, resulting in much more costly repairs and replacements. In addition, if associations do not have sufficient funds in their reserves, they may have to impose special assessments on members, leading to even greater financial hardships. Therefore, associations must take a long-term approach and make wise financial decisions that balance short-term cost savings with long-term financial stability to ensure the well-being and safety of their community.
Click here to read the article and the breakdown of the survey.
