CAI-NJ February 2021

CONSTRUCTION... from page 30.

that it often seems like the easy solution keeping maintenance fees low. When the anticipated expenses indicate that a maintenance fee increase is necessary, it seems like an easy solution to just lower the replacement fund contribu- tion. Reducing the contribution may allow the board to maintain the same monthly fee, however, it will only be setting the site up for significant financial strain in years to come. The idea is that paying the utility bill today seems like a much more prevalent concern than replacing the roof five years down the road. “We’ll worry about that later” is a phrase that we have heard all too often. While doing this may keep the associ- ation afloat for a few years without any immediate repercussions, the lack of replacement funds will remain a loom- ing problem that will be sure to show its face in future years. When it does come time to replace those common elements, and sufficient funds have not been saved, the association will be forced to special assess or obtain a loan in order to fund the costs of the project. At the end of the day, this will wind up costing the unit owners more. Dealing with finances is never easy, especially when the decisions that you make can directly impact hundreds of other individuals. No one can predict the future. The key is to obtain as much reliable data and information as possible to allow yourself to make the best decision with the informa- tion at hand. We always recommend that boards work with their financial management teams to help navigate them through these challenges. Staying ahead of these issues will help to ensure financial success for years to come! n

ries, interior designers, landscape archi- tects, lighting consultants, etc. These specialty experts may be involved in all phases in the project, from initial scope development, through final completion. They can provide technical consult- ing, budgeting assistance, construction observation and closeout services. Having a strong project team that works well together is one of the best ways to help ensure a successful construction project. Identifying the members of the team and defining each member’s scope of services and responsibilities will help avoid confusion, conflicts and surprises as a project progresses. If your community is considering a construction project, use the information presented above to facilitate a discussion among potential project team members about the role that each will play in the project. n

As specifications or an RFP for a project are being developed, insur- ance requirements for the contractor should be clearly defined and incor- porated in the project documents. The association’s insurance agent should be consulted early regarding what those insurance requirements should be. The agent may also recommend specialized policies to protect the

association during a project. Specialty Contractor/ Consultants

Unique projects may call for special- ized contractors or consultants to be on the project team. This could include environmental health professionals, material manufacturers, testing laborato-

Specialty Building Systems

We specialize in high quality building products featuring Duradek TM waterproof vinyl flooring and Durarail TM aluminum railing. Duradek TM waterproof vinyl flooring comes in a variety of colors, patterns, and textures for decks, patios and balconies. Durarail TM is a powder coated aluminum railing system with a 20 year structural warranty. Specialty Building Systems 484 S. Nulton Avenue, Easton, PA 18045-2936 duradek.com Toll Free: (800) 765-9865 • Fax: (610) 954-0598 E-mail: sbsddek@verizon.net

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