Are you looking for ways to stretch your HOA dollar? Regular maintenance can extend the life of many common assets in your community. Research shows that preventative maintenance is more cost-effective than replacement and/or repair costs, making it an ideal way to stretch your budget. Developing a comprehensive preventative maintenance plan can help you get the most from your HOA budget.
Service contracts that specify maintenance timeframes make it easy to keep up equipment and common assets in the community. Just add the asset and maintenance date(s) to your plan. But, many assets don’t have service contracts (roofing, roads, decks, painting, etc.), and these need to be on a monitoring plan to ensure preventative maintenance isn’t overlooked. Identify each item along with the inspection or maintenance date to create a more comprehensive maintenance plan.
Scheduling inspections and preventative maintenance at the same time is another good way to stretch your dollars. Look for efficiencies where you can use labor and/or materials. For example, inspect and conduct preventative maintenance on HVAC units in one call. When your plan lists maintenance tasks and inspections, it’s easier to group common categories to reduce duplicate trips and work.
Safety is always paramount for communities, and it plays a major role in maintenance. Uneven sidewalks, broken steps, loose carpet, low-hanging limbs, etc. create safety hazards. A monitoring plan can help you take care of these little problems before they escalate into major repairs or cause an accident. Safety inspections can save you money, reduce mishaps and keep your community assets in good repair.
Communities don’t age gracefully without a little help. Letting preventative maintenance slide year after year takes a toll on appearance, the function of assets, and the overall value for homeowners. In addition, it sets the association up for larger repair bills in the future.
Preventative maintenance is about protecting and maintaining the value of the community, and that is your HOA Board’s legal responsibility. Make preventative maintenance planning a priority for your Board.
Wise Property Solutions is a property management company serving East Tennessee with offices in Knoxville, TN and the Tri-Cities, TN-VA. Specializing in Condominium Association Management, Home Owners Association Management, HOA Management and Gated Community Association Management.
Tri-Cities, TN-VA: 423-926-7373
Knoxville, TN: 865-643-8989