FHA loans (actually Federal Housing Administration-insured loans) have taken a great leap in popularity since conventional lenders began limited their lending. At the time of this writing, FHA-insured loans account for 30-50% of all new condominium mortgages.
To repair now or to repair later is the age-old dilemma associated with owning or managing a building or community. Sticker shock from contractors is all too common when it comes to receiving a proposal for any type of maintenance or repair work.
A map is extremely helpful when departing on a journey, but if there are unexpected roadblocks, even the most experienced traveler needs help arriving at the intended destination. A reserve study is a map to the future, but what’s a manager or board to do when roadblocks arise while trying to follow the directions?
We all know the importance of curb appeal. If a buyer isn’t pleased with the exterior of a home, they’ll carry that displeasure into the interior. No matter how attractive the interior is, it will be hard for a potential buyer to let go of that first impression of the home.
After 30 years in this industry educating other professionals, clients, and prospects how to make wise decisions with respect to Reserves, I’m considering a different, age-old strategy: Change behavior by providing a financial incentive!
Below are some big picture thoughts to consider with respect to how community associations function in our society and how owners and industry professionals can have a hand in achieving the key objectives as I have stated them in this infographic.
