16 Jan Long Term Costs of Home Maintenance
We’ve all heard the saying “nothing’s free.” This also applies in the world of home maintenance. Whether the home in question is a house or condominium, the long term cost of maintaining the property is something that homeowners need to consider.
In the case of condominium ownership, the cost of maintaining the structure is the responsibility of the Homeowners Association. Collectively, the owners pay for the day to day maintenance of the exterior and structure. The long term costs of maintaining the building is also the HOA responsibility. This is generally done through regular Reserve funding.
California Civil Code requires the HOA to identify the components in need of replacement over a 30 year period, i.e. roof, plumbing, pool, paint, etc. Homeowners associations must also determine the cost to replace as well as create a funding schedule. This ensures that there are adequate funds on hand when the component is at the end of the useful life. The Reserve Study is distributed to owners annually so they know and understand the true cost of maintaining their investment over the long term.
When owners of homes are left to their own devices, without proper professional guidance and representation, they often do not consider these capital expenses until its too late. This can wreak havoc on owner’s cash flow and in many cases lead to higher costs than necessary. The reason for this is that the property’s components are not identified and inspected regularly resulting in sudden failure. When an owner is faced with a leaking roof (in the middle of the rainy season) there isn’t enough time to get adequate bids from contractors. This causes decisions to be made without the benefit of time to properly analyze the problem or approve a project.
This might sound like a stressful situation to find yourself in, but it doesn’t have to be the case. Metro Property Services helps property and homeowners create their own long term maintenance programs so that the investment value is protected. When the investment is always in top shape, the return on investment, both in rental value or appreciation, is maintained throughout its life.
Our team of professionals at MPS wants to work for you to help you get the most out of your property. Give us a call at 310-220-4495 or visit us online.