Managing a commercial property or, in the instance of a homeowners association, an entire community is far from easy, especially when it comes time to work out the annual budget. Yikes! How do you prioritize spending especially repairs? What deserves attention now and what can be put off for another year? Property management is a juggling act, except when something goes wrong you are not picking a ball up off the floor. Instead, you face expensive repairs, exposure, and liability.
Preparing a Homeowners Association’s Annual Budget
Your annual budget will dictate and prioritize your spending for the upcoming year, establishing how income will be used to do things and perform necessary maintenance and repairs. Do the parking lots need to be resurfaced this year or can that wait another year? Do the sidewalks need immediate attention? What about the retaining walls? If you put off repairs, is there a chance they could fail? Which projects demand your attention this year and which projects can wait?
Budget preparation must be taken very seriously and prepared with a very detailed hand.
- Review financial statements to gain a better understand of the association’s financial state.
- Review all current contracts to ensure your association is getting what it has paid for.
- Contact utilities for estimated costs in the coming year.
- Could your homeowners association benefits from a reserve study? A reserve study is an in-depth analysis of a property’s or HOA’s physical components and an analysis of its financial obligations to preserve those components. Basically, a reserve Study is a roadmap that allows decision makers to make more well-informed choices. Click Here to learn more!
PTG can help Property Managers evaluate their Needs
PTG Enterprises has been in the asphalt paving, concrete, and masonry business for more than a decade. We have seen it all before and we know the telltale warning signs of asphalt and pavement failure. Let us help you better understand your maintenance needs so you can properly budget preventive maintenance and repairs.
If you have any questions about Preparing a Homeowners Association’s Annual Budget, please contact PTG Enterprises today by calling 410-636-8777, or click here today! You can check us out on Facebook and Twitter as well!
