Reply to I need to raise Common Charges Again

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Reply to "I need to raise Common Charges Again - When do I tell People?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You could do a one time assessment to help build the reserves / keep common charges down another year. Effectively the same as raising common charges but sometimes feels better psychologically…..[/quote]

Do a meeting, be super transparent about the new costs, explain that you wish you upped the rates, and ask them if they want a special assessment or raised rates.

I've lived in a townhouse condo for 21 years.  We had good reserves until recent construction inflation increased the price of a 25 year roof replacement.  We are going to have an $8,500 special assessment payable as a lump or in 24 month installments.

If you don't have reserves that should also spook buyers.

The person who is selling may prefer to lump sum and pay as the sale goes through.  Or give a price discount to the buyer.[/quote]

Person selling has zero clue of this, I think they went to a nursing home. Just guessing me doing this in middle of sale might be a headache for them.

The board used to be very robust with 7-8 people back in 2013 after Hurricane Sandy as we had major damage and issues. However Board members died or sold, new owners did not want yo join. Now we have two active Board members. So pretty much my call with other person agreeing or disagreeing. Then I can discuss managing agent how to share info and get their thoughts. To add to apathy our last official Board meeting was pre-Sandy. We did have a “meet and greet” drop in meeting a year ago by building next to condo to meet managing agent, had CPA at it, the other Board member but was not a true meeting as maybe 5-6 people stopped by. Nowhere close to quorum, back in 2013/2014 room was packed but building since I say 2017 has been running smoothly with low common charges.

I was told people only show up to complain and if no complaints don’t show up at meetings, I am worried I will give them a reason to show up.

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