Your Boca Raton condo association maintains the condominium facilities, such as the pool and the clubhouse and all of the common areas. It also manages the financial interests of the condominium.
In addition, your condo association sets the rules for the condo you live in.
As an owner, you are a member of this condo association. So how do you know if your Boca Raton condo association is doing a good job? Here are 4 ways to find the answer.
- 1. Does your Boca Raton condo association listen to you?
The most important condo rules are those that govern the structure of monthly meetings. Can non-members bring questions to the floor? Are meetings open to all or are they closed? Is discussion open to all comers? The more the meetings are transparent, the more you will be able to learn about the workings of your Boca Raton condo association.
If more members are able to participate, there is more opportunity for new and often beneficial ideas to be introduced. If meetings are closed or the board indicates that opinions of non-board members are not welcome, that policy should to be updated to become more inclusive.
- 2. Is your Boca Raton condo association covering its assets?
Condo associations are volunteer organizations. Many of the positions are time consuming and involve a great deal of effort. However, there is also a great deal of money circulating in your Boca Raton condo association’s account. The condo board will have a treasurer who keeps track of the funds collected. However, most condo associations also employ a property management company to collect their dues and deposit them in the bank. This tends to assure that all funds are accounted for.
- 3. Does your Boca Raton condo association have a reserve fund?
Just as most of us try to keep some money in reserve for emergencies, your Boca Raton condo association should also have money in what is called a reserve fund. This account is necessary because no matter how well your Boca condo’s common areas and buildings are kept up, there are always maintenance issues that arise.
It might be a scheduled issue, such as roof repair, which typically takes place every 20 years. Or driveway repairs. Or clubhouse renovations. Whatever it may be, you want to know that your Boca Raton condo association is prepared to cover those expenses if and when they arise, without having to levy an additional assessment.
In order to determine how much should be set aside each year, the condo board or its accountants typically obtain estimates of current and future costs for such repairs. The reserve fund is created and maintained based on these costs. This information, along with all of the condo’s financials, should be available at all times to condo owners.
- 4. Is your Boca Raton condo association keeping up appearances
Is your Boca Raton condo association is keeping up the property to a high standard? If you see cracking in driveways or parking lots, or peeling paint on common area buildings, or landscaping in poor condition, mention your concerns to the association at a monthly meeting.
Ask the association to specify its current and future goals for the community. It may also be worth bringing suggestions for improvement, rather than just leveling criticism. After all, the value of your home and the community is very dependent upon its appearance now and in the future.
Unlike a club that you can leave if you’re not enjoying the activity, you are always a member of your Boca Raton condo association. That is because you are also an owner. If you’re not happy with the association’s policies, let them know. Better yet, run for board membership when annual elections occur.
Thinking about selling a Boca Raton condo? Thinking about purchasing a Boca Raton condo? Please call us at 561-213-6139.
Marc Jablon, the Jablon Team
Re/Max Complete Solutions