to afford will realize it very quickly and have the opportunity to sell their like-new unit, maximize their sale price, and purchase a more affordable (for them) home. Prospective buyers will purchase a unit that is in like-new condition with eyes-wide-open with respect to the true cost to live there and the planned inflationary assessments increases.
HAVE YOUR CAKE AND EAT IT TOO: The association is properly funded. The need for special assessments is virtually eliminated. Everyone who lives in the association understands the true cost to live there. Everyone is paying “a little more” than an association that is not funding their reserve, but they are enjoying a property that is in top condition. They enjoy the pleasing aesthetic value and performance of properly maintained buildings. Their guests who visit see a beautiful property with great curb appeal. They minimize issues like water infiltration and asset failure. When the time comes for select unit owners to sell, they will get TOP dollar for their unit. They enjoyed a great-looking property the entire time they lived there, and they were rewarded for it with getting that money back in the form of a highly appreciated value of their asset on sale. They had their cake and ate it, too. Their association will attract the kind of buyers that are wanted in the property: well-funded unit owners who wanted a property in top condition and were willing to pay for it. Prospective buyers seeking “low condo fees” looked elsewhere, thankfully.
When the time comes for planned projects the association has the funds to conduct roof replacements, siding replacements and parking area replacements as needed and without having to defer and sacrifice performance or aesthetic appeal. Everyone is happy. The virtuous cycle continues. Properly fund reserves, conduct projects in a timely manner, enjoy the beautiful property every day, and get rewarded with higher and higher unit sale prices. Who would chose to do it any other way?
If your association is not properly funding the reserves, you will suffer the consequences. You cannot escape the consequences of underfunded reserves. You do not save money by underfunding reserves and “keeping fees low.” You are not doing unit owners a favor by misrepresenting the true cost to live in an association and devaluing their most valuable asset with deferred maintenance. That is not compassionate. If you don’t fund your reserves you will pay for it through future special assessments, a lower sale price when you sell your unit, or both. Why not have your cake and eat it too?
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www.cai-illinois.org • 847.301.7505 | 19
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