Along with the “easy living” style that condominium ownership can bring, there is also an unspoken responsibility to join with your fellow owners to be sure that the complex is run in the best way possible in order to enhance the value of everyone’s investment. No matter what your profession or that of the Board of Directors members, chances are that no one has been trained to be a professional property manager. Many times, the process of running the complex or overseeing the Management Company is like the old tale of the blind men touching an elephant and everyone having a different impression of what the animal is like.
Ideally, all members should strive for the best, long term plans for keeping the complex in good repair and also the policies adopted (or not adopted) to make sure that the units keep their salability in terms of price AND ease of purchase for new buyers.
As a former President of a large HOA (222 units), I found that a combination of Board members’ professional skills and experience, ie: doctor, teacher, engineer, artist, homemaker, etc., need to agree that getting professional advice is crucial to making the best decisions for all. Additionally, Board members need to keep the needs of ALL owners in mind – not just their own.
One case in point is having the complex FHA approved if it qualifies. Many people still think that FHA loans are for low income buyers and not necessary for purchasing units in mid-higher priced complexes. In reality, the current 2015 loan limit for both single family and condo purchases is $517,500 which certainly isn’t a “low income” property price! Many buyers use an FHA loan so that they don’t have to disturb their other investments for down payment money which is earning better interest. In addition, it would be worthwhile to invite a lender who is familiar with FHA approvals and a Realtor to speak to your HOA meeting so that residents understand the positive aspects and requirements of being FHA approved.
For more information, check out this page from FHA.