In today’s environment, many communities are facing significant financial obligations. A combination of funding reserves, rising insurance premiums, higher maintenance and repair costs, and aging common areas puts stress on the association’s budget and residents’ personal finances.
These stressors can create an environment of internal divisions and infighting within the community. Conflicting opinions about the best way to address aging structures, deferred maintenance, and underfunded reserves lead to stalled critical repairs, creating potentially hazardous situations.
So, residents can choose to go into debt, sell under duress, or just walk away from their property and its obligations. Working through these issues will require honest conversations and recognition that these are homes where families build memories and solidify their personal history. There needs to be a balance between the building’s structural needs and the residents’ human needs.
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Author: Terri Parrott
Terri has a Bachelor's Degree in Speech Communication, an MBA Degree, and Doctorate Degree in Business Administration. She is the author of Great Wrinkles Blog as well as e-books titled Voice on the Phone: A Quick-Read Guide to Successfully Building Customer Relationships Using the Telephone, Embrace Chaos to Create Change; and Quick, Easy Ways to Compute Everyday Business Formulas: A Handy Reference for Small Business Owners. The books are available through Amazon Kindle. She has also published Quick Tips for Your Small Business. Terri enjoys taking a realistic look at the foibles of growing old - complete with all the aches, pains, wrinkles and grumpiness that seem to be free gifts for anyone joining the ranks of being called a senior citizen. Her intention is to help others come to terms with the idea that it's OK to get old.
Being the Great Wrinkle, I write about products, items and situations I personally experience. However, product links may be from affiliate partners and if you purchase something, Great Wrinkles may get a portion of the proceeds.
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