Greg Boan | Associate Broker
(561) 251-6887 direct or text
greg@seasideluxhomes.com

Deferred Maintenance

Deferred Maintenance

The meaning of Deferred Maintenance is exactly what it implies. Something breaks and repairs are put off for future date. There are several axioms that apply and Benjamin Franklin was the authored the best ones I can recall, “Don’t put off until tomorrow what you can do today” and “An ounce of prevention is worth a pound of cure”. Old Ben was brilliant!

Unlike a fine red wine, property deterioration only gets worse over time. The longer issues are ignored, the more serious and expensive they will be to cure down the road. I recently listed a luxury condominium in a small boutique association. As a prelude to the MLS posting I routinely gather pertinent information on both the home and the association. I.E. monthly maintenance fees, pending assessments, contingent reserves, what’s covered in the HOA/condo fees, etc. These are also the most frequently asked questions by potential buyers. At the time of listing this particular property there were no pending assessments and monthly fees were reasonable.

Two weeks later the condo association conducted its annual meeting. Several heretofore deferred maintenance projects were discussed, most of which only received “as needed” Band Aid fixes over the years. The Board decided it was time to address these major repair issues that had been deferred for so long. These include roof replacement, new dock, new landscaping, pool upgrades and more. Monthly fees were increased by over 40% and eventually all the residents will be faced with a special assessment costing tens of thousands of dollars each.

Rewind 20 years. Over these decades the association members chose to keep their monthly maintenance fees low, probably too low and not accrue sufficient contingent reserve funds to properly maintain its common elements or improve it along the way. As a consequence the quality of the property has declined and now owners are confronted with several major projects all at once. While some members may afford it, others may not have it in their budgets.

My advice is listen to old Ben. “An ounce of prevention is worth a pound of cure”.

 
LEAVE US A COMMENT:
Name:*
Email:*
Url:*
Comment:
 
Security Code:
Confirm Security Code:
Testimonials
Blog
List Your Property
Real estate Sellers Tips
Home Buyer Tips
South Florida home market analysis
New Construction
Friday, September 20, 2019

The Role of iBuying in Todays ...
Large, institutional property investors traditionally focus on multi-family units. The great...

The 9 Best Tips on How to Find...
Tip 1: Buy a Property in a Top Real Estate MarketAnyone in the real estat...

Copyright ©2019 - Realty Times®
All Rights Reserved.

Welcome to the Seaside Luxury Homes Blog!
Welcome to the Seaside Luxury Homes blog. The best place on the web for comprehensive...

Little Big Town Boca
Little Big Town Boca Associate Broker, Coldwell Banker Real Estate LLC Little...

The Real Estate Sale Contract and Communication:
The Real Estate Sale Contract and Communication: Nothing could be more important than...

Deferred Maintenance
 Deferred Maintenance The meaning of Deferred Maintenance is exactly what it implies....

Integrity, Commitment, Excellence
Integrity, Commitment, Excellence These three words define My Mission & Guiding Principals Integrity...

What is my property (or the property) worth?
Greg Boan, RCC, Associate Broker Licensed Real Estate Broker, Coldwell Banker, LLC...

All about Buying Waterfront
Greg Boan, RCC, Associate Broker Licensed Real Estate Broker, Coldwell Banker, LLC...

Selecting a Real Estate Professional
Greg Boan, RCC, Associate Broker Licensed Real Estate Broker, Coldwell Banker, LLC...

Equity Communities, what are they?
Greg Boan, RCC, Associate Broker Licensed Real Estate Broker, Coldwell Banker, LLC...

Condominium Lifestyle, What is it?
Greg Boan, RCC, Associate Broker Licensed Real Estate Broker, Coldwell Banker, LLC...

Boca Raton Realtor Client login page
Recieve New Listing Alerts