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Finance
Overlooked Savings
As annual and quarterly budgets come up for review, HOAs across the state are
looking to cut costs anywhere and everywhere they can. But how much more “fat” can be trimmed from budgets that already look stripped to the bone? Happily,
there are hidden savings to be found, if you know where to look and are willing
to make some changes here and there.
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Challenges Include Sagging Reserves & Unpaid Condo Fees
Even in the best of economic times, preparing a condominium’s annual budget is a tiresome task, fraught with uncertainty, estimations and
shifting numbers.
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Changing Your Condominium's Tax Filing Status Can Net Savings
For the uninitiated, tax filing for something as complicated as a community association can seem a daunting task. Fortunately, there are multiple options for homeowners associations, and with a little background knowledge, you can take the first steps toward making the right choice for your particular situation. Read More
Mortgage Products
Although New Jersey housing cooperatives may be rare compared to the numbers of co-ops in New York City, suburban co-ops face the same types of issues as their big-city neighbors. One of the primary concerns of nearly all co-ops is the building's underlying mortgage, which is paid for by shareholders as part of their monthly maintenance fee. Sometimes, special circumstances arise that require the board to take another look at the co-op's mortgage. Read More
Financial Planning
In a co-op or condo community, the responsibility of the homeowners association goes beyond setting house rules. The association also has a fiduciary responsibility to collect maintenance fees from its residents, create a budget to account for where that money will be spent, and raise enough capital to cover long-term special projects and repairs. The budget includes operating expenses, repairs and upkeep of the building and other structures, landscaping, lighting, and special projects, such as new playground equipment. Read More
Deciphering Your HOA's Finances
It was comedian Jackie Mason who said, " I have enough money to last me the rest of my life—unless I buy something." Mason was making a joke, but if your homeowners association isn't adept at managing its books, it might also be an unpleasantly accurate description of your community's finances. Read More
Money-Making Opportunities for HOAs
It's a profound story of how reserve funds can go seriously awry—within months of buying an apartment in a new New York City building, David and all his new neighbors were informed that they would have to contribute out-of-pocket to help build the co-op's reserve fund. Each shareholder would have to pony up a month's worth of additional fees—which for David meant over $1,000. Final total: the residents coughed up around $45,000 to put aside just in case something went wrong. Read More
Raising Maintenance Fees
They say the only two inevitable things in life are death and taxes. Well, for condo and co-op owners you can add a third—maintenance fees. As long as roofs are going to have to be repaired, snow is going to have to be plowed, and grass has to be cut, unit owners and shareholders are going to have pay for their share of the cost for maintaining the property where they live.
Read MoreSqueeze Play Affects Condos and Lenders
Tighter lending requirements for Federal Housing Administration (FHA)-backed
condo mortgages have put financial and administrative pressure on HOAs all over
the country at a time when many are ill prepared for any new challenges.
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Housing Stimulus Gives Homeowners & Buyers a Boost
Fresh from hoisting up the banking and automobile sectors, a newly muscular
Uncle Sam is now turning his attention to putting the skids on the real estate
meltdown.
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