New York's Cooperative and Condominium Community
A good idea is to budget for building maintenance that is usually deferred. Example: a building just undergone a 180K renovation of the facade and other areas. This particular building as a 45 unit, 6 story building. I recommended budgeting in 30K per year for capital items such as these. Now every 5-6 years, they perform the work needed in any area and have the money put aside for it. They do not have to assess, or borrow to pay for these items.
inflation should ALWAYS be put into the budget, I usually add 6% across the board. budgeting in the added 30K per year (obviously, this amount will vary for different buildings), it will allow me to float the budget through an average of 2 years before having to reraise maintenance.
If you find yourself in a jam, you can always place a fuel cost assessment for the winter months to make up a shortfall.
- just a few ideas
~AR
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