RESERVE FUNDING
TRENDS: CURB APPEAL AND PROJECT STAGING ARE APPEALING TO EVERYONE Community associations often miss opportunities to renovate facilities in ways that improve curb appeal and property value. It costs the same to paint a home the wrong color as the right color. The same principle applies to roofing and siding materials, colors, and other design elements in common areas. If the community is planning several building exterior skin projects in the near future, why not hire a consultant to help coordinate the various projects into a cohesive aesthetic? Commercial building owners do this, and so do apartment building own- ers who rely on first impressions of prospective ten- ants and buyers. Spending $5,000 on professional
PROFESSIONAL INSIGHT: The association should work with its business partners, contractors, and reserve specialists to adapt the reserve study components to incorporate inno- vation and technology, such as conduct- ing an energy audit and reflecting those findings in the reserve study. It can be beneficial to evaluate replacement costs and energy usage so budgeted compo- nent costs can be weighed against ener- gy savings and potential incentives.
design services can be money well spent when the board is engaging contractors. Coordinating these major projects can transform a 1980s-era community into a modern showcase that increases home resale prices and makes members proud of their community. Reserve specialists also should help stage major component work so projects occur in the prop- er order. For example, if drainage work needs to be done in the roadway, perform that work before asphalt sealing and repairs. If the underground loops at a vehicle gate are starting to fail, replace the loops before dealing with the asphalt surface covering the loops. Community associations can rely on reserve specialists to assist with this coordination.
While beneficial, design professionals, engineering services, and construction observation services come at a cost and should be discussed during preparation of the study and incorporated accordingly.
PROFESSIONAL INSIGHT: 1. The association should investigate the use of design professionals when spending large sums on reserve projects. 2. The reserve study should be consulted so major projects are staged in the correct order and no harm is done to components. 3. Community associations should consider working with a project engineer on how to coordi- nate execution of the various projects.
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