5 Benefits of Ongoing HOA Preventative Maintenance
As a society, we’re often told, “if it isn’t broke, don’t fix it.” But what this phrase commonly hides are lingering issues that should be dealt with right away before they become potential disasters.
Within an HOA, it’s vital boards stay proactive to prevent potential disasters from occurring by implementing an ongoing HOA preventative maintenance plan. An HOA preventative maintenance plan ensures all problems are met head-on, even if they’re small. Throughout the plan, boards will establish consistent procedures designed to address and improve performance and safety issues related to maintenance, repairs, and replacements.
To ensure maintenance issues are properly addressed, boards need to have a reserve study. This will make certain that HOA operating budgets and capital reserves are sufficient to identify and budget for future projects and maintain the community’s health.
An essential way to make sure operating budgets and capital reserves are managed and sufficiently funded is to partner with a management company like AR Management. They’ll carefully prepare, review, and monitor budgets and provide financial planning, analysis, and forecasting to ensure the HOA is in excellent financial standing.
If your board wants to implement an HOA preventative maintenance plan, here are five benefits you’ll experience.
HOA preventative maintenance is a cost-effective plan for HOA boards to implement. Since minor issues are addressed when they arise, the costs to repair them are significantly less than they would be if the problem were left to grow.
With an HOA preventative maintenance plan, boards can address issues and fix hazardous elements in common areas, buildings, landscapes, and more before they cause harm to homeowners. This also helps increase the integrity of a structure and prevent significant damage when storms occur.
Enhances Property Values
Property values are increased with an HOA preventative maintenance plan. Community associations that are well-maintained welcome and attract new homeowners and promote current homeowners to maintain their properties.
Since an HOA preventative maintenance plan is designed to address minor issues before they become major obstacles, boards can extend the lifespan of components in buildings, common areas, and more. As a result, boards are able to enhance the value of their community association.
Better Community Living
When everything is functioning properly in an HOA, homeowners are happy. An HOA preventative maintenance plan ensures that HOAs are running and operating efficiently, so homeowners feel safe in common areas and homes.
Make Your Community Feel like Home
AR Management is a full-service management company that helps HOA boards ensure homeowners live a comfortable lifestyle. We offer property management, financial management, and administrative services that promote business continuity and transparency. Contact us today to schedule a consultation.