Condo Media - December 2016 - 45

some combination thereof, you don't
want to let it happen again. The weaknesses in the building envelopes that
result in water infiltration will not remedy themselves. Sure, some problems
only surface as such under particular
circumstances. But, why roll those dice?
I have seen some associations take a
systematic approach very successfully.
An engineering report identifies the
work that is necessary to solve the problem. This information translates to a
request for proposals that allows you to
shop for the best contractor for the job.
With proper planning, the financing can
come together either through existing
reserves or a condominium loan or a
small series of budget increases. Any of
these methods will allow an association
to avoid the riskiest and most unpleasant capital-raising activity, the dreaded
special assessment. Tying these recom-

mendations together, note that if you
were, for some reason, looking to levy a
special assessment in New Hampshire,
the amended Act contains a new process for the same.
Finally, nothing says "I'm taking care
of the future" like saving money. I can't
shake the feeling that 2017 would be
a good time for associations to find a
way to save more. Sometimes, money
can be "found" through belt-tightening.
When was the last time you reviewed
your association's monthly expenses
and researched whether or not you are
obtaining the best deals to be had on the
goods and services you consume? If you
already run a tight ship, you can still increase the budget to increase your line
item savings. Some associations assert
with pride that they will not raise condo
fees year-over-year. This strategy, however, ignores the reality that the cost of

MRG

living goes up over time. It can create
an artificial sense of security and leave
an association vulnerable to a wake up
call, such as a hefty special assessment
or a surprising increase in the monthly
fee. A steadier pace that mimics the
overall cost of living will likely serve
associations better. With a healthy bank
account, your association will have
some foundation for handling whatever
future problems we don't see coming
right now. That type of future planning,
the creation of financial resources that
could be applied to a wide variety of
problems, is relatively priceless.

n GARY M. DADDARIO, ESQ., CCAL,
IS A PARTNER WITH THE LAW FIRM OF
WINER & BENNETT, LLP.

46 Gloucester Street
Boston, MA 02115
www.mrgproperty.com
617.517.0854

24/7 Boston and Worcester Based Full Service Property Managment
*
*
*
*
*

Building Operations
Maintenance and Repairs
Vendor Selection and Negotiation
Financial Reporting
Leasing Services

Proactive Communications

*
*
*
*
*

Fiduciary Responsibility
Risk Management, Safety and Insurance
Long Term Management Planning
Construction and Project Management Services
Online Homeowner Resource Center

24/7 Professional Responsiveness & Emergency Services

Call Us Today for a Free Onsite Consultation at 617.517.0854 or send an email to info@mrgproperty.com

December 2016

http://www.mrgproperty.com http://www.mrgproperty.com

Condo Media - December 2016

Table of Contents for the Digital Edition of Condo Media - December 2016