This is a question that is asked frequently by condo association board members and homeowners. There is really no scientific formula that is applicable to address this question. There are however a number of key factors that help determine the answer.
In summary, condo association boards must take into account a number of factors in order to properly fund the association operating budget and reserves. And proper planning and funding results in the least amount of surprises and stress for ALL the homeowners.
Salvatore J. Sciacca aka “Condoboss” is one of the nation’s leading experts in the community property management industry. He is also the President and Founder of Chicago Property Services, Chicago’s #1 community property management company specializing in management and operations of condos/townhomes/HOA’s of 100 units and under. Salvatore is also the founder of managmycommunity.com (MMC), which is a state-of-the-art online support portal for community associations.
With over 20 years of industry experience, Salvatore is recognized for his extensive knowledge of capital planning, preventative maintenance, cost-saving measures and community building techniques. He holds industry stature as a Certified Manager of Community Associations (CMCA), the designation of Association Management Specialist (AMS) and is fully licensed as a manager (License #: 261.001386) through the State of IL.