Think You Can't Cut Costs? These Condos and HOAs Did
HOAleader.com - Tip of the Week - November 3, 2023
In this week's tip, we introduce you to the first of three condo/HOA board members whose community accomplished the seemingly impossible—they cut their budgets in these inflationary times.
"We're in a dire position due to the previous board refusing to increase maintenance fees for more than 10 years and using our reserve fund as an operating account," reports Greg Gaudet, a board member at Harbor Lights condo in Kahului, Hawaii.
"This forced us to increase maintenance fees from $584 to $730 per month this year, and we'll have to do a special assessment to replenish our reserves that were drained from $1.3 million to $300,000," he explains. "The special assessment of about $4,000 per unit will get our reserves back to where they were, which is just a little shy of where we'd
really like to be."