Maintenance plans are very important to the value of each owner’s property in an HOA. We first covered this topic in March of 2020 (read here), but it is worth reviewing again as the year draws to a close.
An annual plan to address both regular maintenance like fence repairs/upkeep is critical, but each HOA also needs to assess their needs for large scale maintenance projects such as paving replacement or new siding. The large maintenance expenses can be addressed through a Reserve Study to ensure your HOA is collecting enough in dues to put into the reserve account for large or unexpected repairs.
Every maintenance plan should address 5 main goals.
- First and foremost, a Maintenance Plan is in place to preserve the value of all owner’s investment in the property. Enhance the property value, maintain the property value and create a comfortable place to live.
- Increase efficiency of HOA operations. Preventative Maintenance Plans help buildings operate efficiently. By effectively maintaining equipment, it functions at the highest levels and can reduce operational inefficiencies due to unexpected breakdown and can lessen wasteful energy usage.
- Prevent failures of building systems. Buildings that operate trouble-free allow the occupants to enjoy the property as intended. Preventive maintenance includes regular inspections and replacement of equipment crucial to building operations.
- Sustain a safe and healthy environment. Protecting the physical integrity of building components preserves a safe environment for residents.
- Provide cost effective maintenance. Preventive maintenance can prevent minor problems from escalating into major failures and costly repairs. Preventive maintenance can be handled relatively cheaply, efficiently, and systematically through advance scheduling while major failures always happen after hours, at peak billing times and to equipment that must be special ordered.
A maintenance plan in conjunction with a reserve study will help your HOA maintain its property value and aesthetic for many years to come.