Strategic financial planning is crucial for every condominium community's long-term success, and monthly condominium fees are at the heart of this financial plan.
When determining monthly condominium fees, it is tempting to do the following: keep them low to avoid conflict, set them to autopilot and pay the same amount year over year, or increase fees slightly year over year by an arbitrary percentage.
Given how important they are in predicting a community's likelihood of long-term prosperity, now is the time for everyone that lives in or manages condominiums to make sure their fees are right-sized.
We've outlined the five actions you can take to get started on the path to right-sizing your condominium fees, eliminating deferred maintenance liabilities, and adding value to your community.
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