News and Resources

Fixing up without falling apart

By: Linda J. Schiff, Senior Vice President, COMMUNITY ADVANTAGE®, Barrington Bank & Trust

Leaky roofs. Chipped facades. Pot-holed parking lots. Is it just you, or are all the common elements falling apart at once?

Developing an eye for disrepair is all part of being a good manager. But so is learning how to foot the bill to get things fixed. If you think imposing a special assessment or drawing from reserve funds are your only options, think again. With prime interest rates at a forty-year low, your best bet might just be a loan.

If you have a bank loan lined up, you might just be able to negotiate with contractors for a better price or payment schedule (which, depending on your cash flow, can be just as important). If a contractor knows you have a loan, he won't have to worry about delayed payments as you collect special assessments.

Community Management, September/October 2002

September 2, 2002