1. Investing in Maintenance Saves Money
Community associations are responsible for multiple common elements of a property such as exterior siding, shingles, gutters/downspouts, fencing, signage, etc. Those common elements can create a major expense for the community if neglected. When considering reallocation of maintenance funds or general deferment of services, it is important to keep in mind that seemingly insignificant maintenance items can quickly turn into larger, more frequent repairs. Routine maintenance will not only help to avoid a more extensive project but will save the association money in the long term. The cost to address minor repairs as they arise is significantly lower than waiting until there is substantial damage requiring immediate solutions.
The same goes for general maintenance upon completion of a capital rehabilitation project. There is an expectation that capital projects such as complete roof or siding and trim replacement will protect the property for multiple years before requiring the same level of attention and more importantly expense. This is only the case if maintenance is performed when required. The cost of shingle or siding repairs after a large storm will ensure the community does not incur triple the costs that water infiltration could have on the interior of units if deferred.
2. Avoid Unnecessary Property Damage and Inconvenience
The result of deferring general maintenance is property damage. As an example, minor façade concerns, whether a rotted piece of siding or cracks in the mortar around brick, could lead to leaks and interior damage if left unrepaired.
Leaks will generally present themselves as water stains on interior walls and ceilings. If the source of the leak is not addressed and water continues to enter the building the area of staining will get larger and start to rot as the moisture eats away at the drywall. Rotted drywall cannot be patched and simply repaired with compound, it will need to be cut out. Once damaged drywall is removed, the area behind it should be inspected to ensure mold has not formed. To repair the void, new drywall would need to be installed, then skim coated, primed, and completed with finish paint. This process, due to required dry times, would take between 2-3 days.
In the same scenario of deferred repairs on a long enough timeline, structural components of the building could be damaged, depending on flow of water and duration of time left unaddressed. Proactive maintenance repairs remain the most economic option with the least amount of disruption to the community.
3. Maintain Curb Appeal and Property Values
First impressions are important, and a well-maintained community is more attractive to home buyers. Curb appeal is one of the easiest ways for a community to increase property values. Although it may seem like a more expensive and unnecessary cost, people will pay more for properties with an appealing aesthetic, therefore increasing its value.
Painting is a great option when a community is looking to increase curb appeal and property value. Nothing sticks out more than faded siding or rusted perimeter fencing. Freshly painted common elements are a great way to avoid the community looking neglected and run down. Regular upkeep of painted surfaces will also extend the longevity of the coating and protection it provides. To avoid water infiltration, areas of peeling paint should be properly prepared and repainted. Left unattended, peeling paint that is exposed to the elements will cause wood to rot and or metal surfaces to rust, requiring sections to be replaced.
Seemingly smaller and more isolated maintenance items will likely be spotted by someone looking to make a community their new home. Repairing a broken light fixture or reattaching a shutter that has fallen may not seem important to prioritize, but to a potential buyer it could insinuate that the community does not value and prioritize appearance. Avoiding deferred association maintenance could be the difference maker for buyers choosing a community to call home. Inversely the consequence of neglect is a decline in property values.
4. Control Assessment Costs
Assessment costs are determined by maintenance requirements of community associations. Choosing to prioritize routine maintenance will help control the potential increase in those assessment costs year after year. Lack of maintenance, as stated previously, can lead to unexpected damage with unpredictable price tags attached to a required solution.
In many cases unforeseen costs will require a community to enact a special assessment if adequate funds are not available to pay for said repairs. Understanding some associations may only budget for work covered by annual association fees, those added costs could present a significant burden to personal economy. With the cost of goods and services increasing in recent months, it is important to remember that routine maintenance can help protect your investment and avoid unwanted surprises down the road.
www.cai-illinois.org • 847.301.7505 | 17
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