Condo Media - July 2010 - (Page 4)

CONDO MEDIA CAI New England PRESIDENT’S MESSAGE The Official Publication of CAI New England CHAPTER PARTNERS DIAMOND • The Dartmouth Group Inc., AMO, AAMC • Goodman, Shapiro & Lombardi LLC • Marcus, Errico, Emmer & Brooks PC • SPS Inc. PLATINUM • Perkins & Anctil PC • Condo Media Magazine GOLD • Newton Roofing Company Inc. • Prime Touch Services Inc. • Pro-Care Inc. • Swerling Milton Winnick Public Insurance Adjusters Inc. • Thayer & Associates Inc., AMO • Turner Construction Group • Union Bank S I LV E R • Community Association Banc/CondoCerts • Crowninshield Management Corp., AMO • McCullough, Stievater & Polvere LLP BRONZE • American Properties Team Inc. • Bloom Cohen Hayes LLC • Davis, Malm & D'Agostine P.C. • Goldman & Pease LLC • Kidd-Luukko Corporation • Rockland Trust Do You Have a Reservation? ince the birth of this country, we have been provided with clichés, phrases and suggestions regarding the prudence of “putting a little money away for a rainy day”; “A penny saved is a penny earned” (Benjamin Franklin); and “If you watch the pennies, the dollars will take care of themselves.” And, we’ve all heard the parable comparing the hard working ant that saves a stockpile of food for the winter while the fun-loving but lazy grasshopper does nothing and then regrets his actions when the snow starts to fall. Assuming you don’t work for the current Federal administration whereas the ant would be forced to subsidize the grasshopper, it just makes sense that you have to be smart about saving money. This issue of Condo Media focuses on financial management and reserve studies, and there are some great articles and insights for everyone involved in the condominium community. Considering the changes to lending requirements handed down last year by Fannie Mae and Freddie Mac, which have great influence on a homebuyer trying to purchase a condominium, it is imperative that every New England association has its financial house in order. The best way for this to happen is to make sure that a current or updated reserve study has been done in order for the board members to be able to make solid long-term financial decisions for their community. You can’t make those decisions without knowing where you’re at right now and what it’s going to take, financially, to be prepared for future capital expenditures. One of the biggest mistakes that associations make is to only focus on the large capital projects without budgeting for proper maintenance of property components. Deferred maintenance is an oxymoron. It’s the same as sticking your head in the sand like an ostrich and then 10 years from now wondering why the property looks so bad. When an association is planning its financial future, it is critical that large maintenance items like sealcoating of paved areas, clear coat sealers for concrete and masonry surfaces, and paint and staining of wood components is done regularly so as to extend and preserve the useful life of those components. It’s just like changing the oil in your car. If you don’t do it regularly then you can expect to pay for a new engine every year or so. I hope everyone’s summer is going well and you’re enjoying the nice weather. Remember … winter is coming! S Sincerely, For more information about our chapter partners, visit Tony Chiarelli 2010 CAI-NE Chapter President 4 CONDO MEDIA • JULY 2010

Table of Contents for the Digital Edition of Condo Media - July 2010

Condo Media - July 2010
From the CED’s Desk
President’s Message
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Vendor Spotlight
Volunteer Spotlight
Board Member Insight
2010 CAI-NE Financial-Reserves Directory
Advertisers Index
Classified Service Directory

Condo Media - July 2010