condo residents around Florida start to pay attention to the conditions of their buildings

[Demovictory9]

[BigmanPigman]

1. This won't be limited to FL.

Residents in buildings all across the US should be concerned ober the crumbling infrastructure and Climate Change, especially those which are on a coast with salt water. People are going to have to pay out big bucks to keep their homes safe. A lot of people will get ripped off by con men too.

[PoliticAverse]

2. Better late than never for these people. n/t

[Captain Zero]

3. I bet the condo owners get hit with surcharges

It will turn out their regular monthly fees have not been enough to mitigate this.

[progree]

4. I bet they do too. Our condo only charges enough to cover the near-term operating costs

and that's it. Well, plus maintaining a small reserve for operating contingencies like being over-budget on snow removal.

And every 2 years there's a $500 special assessment for certain needed near-term projects. But nothing is accumulated for major work like a new roof or major roof project -- needed about every 20 years -- for example. Not before one or two years before the money is needed, if then. Owners are just told what's coming down the pike as far as special assessments.

The philosophy is that previous generations of homeowners never accumulated a reserve for major projects beyond a couple years out, so why should this generation of homeowners start doing that? Just like when a person buys a regular home (not one that has a homeowners association), they don't get handed a pot of money to deal with future maintenance and repairs.

I suspect most condo associations are like that (no accumulations or funds for projects beyond a 1-2 years in the future).

[Klaralven]

5. This is America - no one saves up in anticipation of a major expense

When it happens, you take out a loan.

The right business approach would be to increase the HOA fee in order to establish a fund for major repairs.

However, increasing the HOA fee would make the units less marketable and depress their prices. Owners wouldn't want that!

[Demovictory9]

7. both condo associates that I lived in worked through renovations on a schedule. new roofs,

new garage doors came out of the reserves. the monthly assessment was kept at a level to keep the reserves growing.

[progree]

8. You never had special assessments?

[Demovictory9]

11. Yes..damage from northridge earthquake was paid for with big loan

$8000 per unit charged as special assessment of $35 per month over 15 years i think

[karynnj]

9. Same as our condo

there is a reserve analysis that goes out 20 years that is updated annually to account for real expenses and to improve future cost estimates.

This is the only way to avoid multiple assessments. From old timers, i know we had one special assessment caused by roofs needing replacement earlier than in planning.

[obamanut2012]

10. Ours does the same basic thing

Although there was a 1K special assessment for roofs a bit ago due to really horrific hurricane damage.

[Wingus Dingus]

6. Tall buildings on the Florida coastline have always looked like such a bad idea.

Turns out, they are a bad idea.