Every homeowners association and property management company has as its goal the maintenance and improvement of the building under its care. Of course, this is frequently framed against the other main priority, maintaining a healthy building budget and charging owners as little as possible in monthly assessments.
Every building’s needs are unique, but here are three improvements all property managers and HOAs should aim for this year:
- Enhanced security. All buildings, new or old, should stay on top of the latest security best practices to enhance the safety of the property and its residents. For instance, in the past few years, cameras in high-traffic areas of buildings have become much more common, and are proven deterrent to illegal action.
- Energy efficiency. Buildings are costly to run, and this cost is ultimately passed onto the individual owners. Greater awareness now exists among property managers about energy efficiency updates, and why spending the money up front could actually save the building money in the long run. Energy efficient HVAC systems, improved weatherproofing on windows and doors, and smart power grids are just some of the ways buildings are taking the leap into the 21st century.
- Stronger reserves. Having robust reserves is key for a building’s long-term health. Strong reserves take the guesswork out of preventative maintenance costs, and also make building operations smoother when a one-time, unforeseen expense occasionally comes up (which inevitable happens).
Have a building improvement you think should be on the list?
Get in touch with us and let us know!