Maintenance Plan  Continued From Page 26


falling short of the mark. Augment your walk-throughs with professional inspections for the life-safety systems (e.g. fire alarm and suppression) and building envelope / structural components (roof, sealants and coatings, waterproofing details, etc.).


4. Communicate & Measure—Owner Buy-in


For many communities, the investment suggested above will result in some degree of necessary assessment increase. When you are organized and generally of one mind at the board level, present the budget piece, educating and outlining your findings and goals in constructing your maintenance plan.


Present the budget piece, educating and outlining your findings and goals.


There will likely be questions and some pushback, but you’ll be prepared with well researched data. This is a great time to expand volunteerism in your committee structure, embracing a shared goal of community-wide pride of ownership and return on investment.


This is a great time to expand volunteerism in your committee structure, with a shared goal of community- wide pride of ownership.


Owners in a community association will sell and refinance at different times, so your goal should be to always maintain the property to achieve top market value. Track sales and listing prices in the community, as well as a nearby property or two you consider comparable. Survey the residents about their level of satisfaction—if you maintain well, they will notice.


28 Community Associations Journal | September 2022


Track sales and listing prices in the community, as well as a nearby property or two you consider comparable.


Reviewing the Stats


Let’s revisit what I stated at the beginning of this article, ”Our studies of large west coast markets including the Puget Sound region indicate about a 12% higher sales price in community associations that are well-maintained and funded compared to other communities in their market with insufficient maintenance and low reserves.”


Well-maintained communities average a 12% higher sales price than underfunded and insufficiently maintained communities in their market.


For example, take a $500,000 home value and conservatively estimate an assessment increase of $125 / month, (operating and reserves), is needed to maintain the property and reserves at a high level. If you live there for seven years, that $10,500 investment through increased assessments, would result in $60,000 in additional sales price. Does a 28% annual return seem like a good investment?


There is a significant payoff if you create a solid community maintenance plan, and a hefty penalty if you don’t.


There is a significant payoff if you create a solid community maintenance plan, and a significant penalty if you don’t.


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