Ryan Poliakoff (Photo: Provided)
Dear Poliakoffs,
Is there a “rule of thumb” for the absolute dollars in the operating annual based on the cardinal of units?
E.g., for a address architecture with 100 units, is it a reasonable apprehension that annual will not beat $800,000?
Signed, L.C.
Dear L.C.,
Each year, a abode allegation advertise a abundant annual of estimated revenues and expenses, assuming the amounts approaching by annual and bulk classifications. At the least, anniversary annual allegation include, area applicable, amounts for administration, management, maintenance, hire for recreational and added frequently acclimated facilities, taxes, insurance, security, operating capital, reserves, and fees payable to the division.
Of course, best budgets are far added detailed.
As you can imagine, the costs associated with the operation and aliment of a abode alter badly depending on the age of the property, the blazon of abstracts acclimated in architecture and décor, and the accessories and casework offered.
I accept apparent 100-unit condominiums with half-million dollar budgets; and I accept apparent 100 -unit condominiums with multi-million dollar budgets. You could accept a 100-unit abode with about no facilities, apparent asphalt floors, basal agents and bound grounds; or you could accept a 100-unit abode with a basin and cabanas, all-encompassing administration and aliment staff, valet, clandestine elevators and a antechamber ensconced in marble. The annual for the closing could be several times the former.
What you can do, if you are already an owner, is to appeal to analysis a archetype of the budget, a archetype of anniversary annual acceding (landscaping, management, security, cleaning, etc.) and again a archetype of the best contempo annual financials, and the antecedent year’s audited financials (at over $500,000 the affiliation will accept acceptable conducted an audit, unless the associates accept voted to conduct a bottom banking review).
Those abstracts will accord you the majority of advice you allegation to appraise the annual and to see whether it is reasonable.
Also, accomplish abiding you appear any lath or lath affairs accompanying to finances, decidedly the annual workshops, area they altercate the variances amid the above-mentioned year’s annual and the absolute expenditures and actuate the amounts to aggregate for the accessible year. Even better, try to advance to be on the accounts committee, if one exists!
I will acquaint you from acquaintance that abounding a abode naysayer will become a lath adherent aback they are accustomed the facts apropos the annual and are actively complex in the banking planning.
Most bodies allegedly anticipate that their assessments are too aerial — but aback you punch in and breach bottomward anniversary expenditure, you generally acquisition that they are absolutely absolutely reasonable, and that it aloof costs a lot added to accomplish a abode affiliation than best laypersons assume.
Dear Poliakoffs,
I was contacted by my abode affiliation in commendations to a aperture in the assemblage aloof beneath mine. In the antecedent email, they abreast me that I will be advantageous for the repair. I anon arrested aggregate in my unit, aggregate was OK, no problems anywhere.
The aperture came from a 40-year-old metal aqueduct in my neighbor’s ceiling. The aqueduct drains baptize from my shower. How I can be amenable for the adjustment in addition else’s property?
The lath insists that it is my obligation and they threatened to absorb our apostle and the accumulating bureau at my bulk if I will not pay in 5 days. What should I do? Please help!
Signed, A.S.
Dear A.S.,
There are absolutely two questions actuality — whether you are amenable for the adjustment to the pipe, and whether you are amenable for the adjustment to the ceiling.
We will accept that this baptize was aperture actual boring over a continued aeon of time, and so it is not an “insurable event.”
In that case your acknowledgment of abode will administer the parties’ aliment and adjustment responsibilities. It is sometimes (but not always) accurate that a assemblage buyer will be amenable to adjustment a aqueduct in a accepted aspect bank or beam aback that aqueduct alone serves that distinct unit.
So, you ability be amenable for the bulk of the plumber. The alone way to acquaint is to anxiously analysis the aliment area of your declaration. I anticipate it is far beneath acceptable that you would be amenable for the adjustment to the ceiling, itself.
Ordinarily the affiliation is amenable to advance ceilings and ambit drywall, and that albatross would alone about-face to addition affair if that party’s apathy acquired the damage.
That is not the case from what you describe, and so I anticipate the affiliation is acceptable demography liberties with this allocation of the adjustment (which is acutely actual common). You or a apostle allegation to analysis the acknowledgment to affirm your acknowledged albatross and to advance aback adjoin the affiliation if appropriate. If you don’t, they are activity to allegation the bulk to your account, and you may end up angry a foreclosure action.
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p class=”p-text p-text-last” id=”article-body-p-last”>Ryan Poliakoff, a accomplice at Backer Aboud Poliakoff & Foelster, LLP, is a Lath Certified Specialist in condominium and planned development law. This cavalcade is committed to the anamnesis of Gary Poliakoff, avant-garde of the affiliation affiliation acknowledged industry, active advocate, and columnist of treatises, books and hundreds of articles. Ryan Poliakoff and Gary Poliakoff are co-authors of New Neighborhoods—The Consumer’s Guide to Condominium, Co-Op and HOA Living. Email your questions to [email protected]. Please be abiding to accommodate your location.
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