By Alissa Thompson
When the Great Recession of 2008 occurred, home-owners associations took a hit. Not only was there an increase number of homeowners unable to pay their dues, but continued maintenance was unfortunately overlooked. Without sufficient funds, how can HOAs complete necessary maintenance in their communities if they didn’t plan? As the U.S. economy gets hit by COVID-19, managers need to use preventative maintenance measures to avoid future issues.
Maintenance is one of the first things homeowners notice when the community isn’t being taken care of. It also is one of the first things overlooked when an association’s budget gets tighter. Even during a recession, homeowners are paying their dues expect the same amount of care be given to their community. There is still time to prepare, so get in touch with an HOA consulting expert, and refer to the tips below to help recession-proof your community.
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