First, Kyle, Amy’s husband, will now be a blog contributor. Below is his first blog. We’ll eventually figure out how to distinguish his posts from Amy’s…
I recently attended the annual homeowner’s meeting for the complex in which Amy and I own a unit. It was my first event in the community, and after perusing last year’s minutes in the pre-distributed packet I was optimistic that it would be an exciting evening out.
(Amy: You’re a LOSER, Kyle. Condo meetings are not an exciting evening out.)
Overall, I was very pleased with what I heard. But the meeting was not all holding hands and singing Kum Ba Ya; some folks got quite excited. So let’s review the good, the bad, and the ugly. Although I can’t be sure, I would bet that some of the following themes play out in many annual homeowner meetings.
The Good:
1. The board members seemed to care about the community and are genuinely trying to do the right thing for their fellow owners. Many have lived in the development for decades, and all have both financial and emotional investments in the community.
2. The Association’s finances are in good shape. There is a meaningful amount of cash and minimal liabilities on the association’s balance sheet, and an operating profit on the income statement. Beyond that, the cash balances are invested in a responsible manner.
3. The Board budgets for planned repairs in an effort to avoid, or at least minimize, special assessments.
4. The property management company is responsive and maintains an active dialog with the community.
As an owner, and especially a non-resident owner, these are the issues that I care about most. Stop by tomorrow as we conclude with the BAD and the UGLY…