The tragic collapse of Champlain Towers South in Surfside, Florida is a cautionary tale that will be studied for years to come. The following are some actionable steps that your association can take right now to promote the well-being of your community:
-Determine if you are obtaining reserve studies with sufficient frequency. Every building and building component ages differently. The general consensus is that reserve studies should be obtained every 3 to 5 years (some states mandate the minimum frequency). We recommend using a licensed engineer or architect.
-Evaluate whether your assessments are in line with the maintenance and repair needs of your community. Keeping assessments artificially low to promote the marketability of units can result in ill-advised compromises on maintenance and repairs.
-Make sure that your association has access to capital. Loans are often the only feasible means for proceeding with major repair projects — especially those that are unplanned. One of the first questions from the lender will be your association’s delinquency rate. Having an effective collections policy cannot be overstated.
If your community association needs legal expertise to help prevent or deal with tragedy, please call the community associations attorneys at Horn Williamson. Call today at 215-987-3800 for your consultation.