Why change our method if our property has a history of conducting capital improvement and maintenance projects through special assessments and bank loans?
A behavior pattern of capital improvement and maintenance projects is undesirable in many ways. First, the property decision makers are neglecting their fiduciary responsibility. Second, property values decrease when a history of financial assistance is required to fund capital improvement and maintenance projects. Buyers and agents are aware of fiscal mismanagement and avoid properties with a history of financial assistance. These properties are a risk to every member even those who can afford extra payments.
Related Questions
- Can I use the Special Account for capital repayment of my housing loan? What about progress payments for my private property which is still under construction?
- Does a reserve study provide accurate estimates of capital improvement and maintenance projects?
- What is the Capital Improvement/Building Maintenance Fund?
