Condo Media - December 2017 - 50

The Region

MAINE

Complex Decisions
Condo Board Decisions Impact Lives
[by Jack Carr, P.E., RS, LEED-AP]

Perhaps there is no more important
job for a condo board member than
making good decisions. All through
life we have been making decisions for
ourselves. Whether it be deciding on
tonight's restaurant or whether to buy
a new or used car, we have been making
choices all our lives. We are self-taught.
But making decisions on a condo board
is different. We are deciding for the "village." Our choices are affecting others,
perhaps people we have never met or
know what is important to them. So
how do you do it?
Most folks have not been formally
trained in decision making. Even if you
have been employed in corporate executive roles where daily decision making is a way of life, deciding for a group
of neighbors is different. Whereas the
corporate world may depend on formal
decision processes using return on

50

CONDOMEDIA

investment, net present value, or other
analytic techniques, condo board decisions have an impact on your neighbors'
quality of life-not to mention your own
bias and net worth.
COMPLEX DECISIONS
As an example, perhaps the consideration and approval of a major capital
repair is on the agenda for the next
board meeting. Though the initial issue
appears to be whether your 30-yearold condo complex needs an entire
building envelope upgrade including
replacing the siding with the same or
new type of material, the real driving
issue may be how the decision affects
the unit owners.
This type of decision can become
even more complicated because a
30-year-old condo may also be facing
roof surface replacement and paving

repair needs while the board recognizes
prior boards did not set aside enough
capital reserves to cover these issues.
This is not an uncommon problem.
Though it may be too late to raise assessments for immediate problems,
better longer-term planning is certainly
in order. But the short-term issues may
have to be funded with special assessments or a bank loan.
This is often where condo decision
making separates itself from the
corporate world, for after all, a bank
loan or special assessments are similar
as many unit owners will have to get a
home equity loan to cover the financial
burden of raising the special assessment payment. Needless to say, this
may be a difficult choice for some unit
owners, requiring their consideration
of relocating.



Condo Media - December 2017

Table of Contents for the Digital Edition of Condo Media - December 2017

Table of Contents
Condo Media - December 2017 - BB1
Condo Media - December 2017 - BB2
Condo Media - December 2017 - Cover1
Condo Media - December 2017 - Cover2
Condo Media - December 2017 - Table of Contents
Condo Media - December 2017 - 2
Condo Media - December 2017 - 3
Condo Media - December 2017 - 4
Condo Media - December 2017 - 5
Condo Media - December 2017 - 6
Condo Media - December 2017 - 7
Condo Media - December 2017 - 8
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Condo Media - December 2017 - 11
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Condo Media - December 2017 - Cover3
Condo Media - December 2017 - Cover4
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