Managing Ongoing Repairs and Renovations Without Breaking The Bank

Best Practices For HOAs

Homeowners’ Associations (HOAs) are responsible for the upkeep and management of common areas and ensuring that repairs and renovations go according to plan – all without going over budget.

We understand this can be a big job, especially if some ongoing repairs or renovations need to be done. Fortunately, there are a few ways to make sure that your HOA stays on track without breaking the bank.

So, let’s check some practical tips for affordably managing repairs and renovations:

Getting Quotes

One of the most critical aspects of managing repairs and renovations is getting accurate quotes from reputable vendors. There are a few ways to do this:

  • Ask for recommendations from other HOAs in your area. Chances are, they’ve had to manage similar projects and can give you some good leads.
  • Use online resources like Angie’s List or Google Maps to find vendors in your area. Once you’ve found a few options, read reviews and ask for pricing.
  • Get at least three quotes from different companies, this way, you can compare prices and make sure you choose the one that best suits your needs and budget.
  • Contact your local chamber of commerce or business association. They may have a list of recommended vendors that they can share with you.

 

Selecting The Right Vendor

Once you have a few potential vendors in mind, it’s time to start vetting them to find the best possible fit for your project. Here are a few things to look for:

  • Make sure the vendor is adequately licensed and insured. This will protect you and your HOA in case of any accidents or damage during the project.
  • Ask for references from previous clients and follow up with those references. This will give you an idea of what it’s like to work with the vendor and whether they can deliver on their promises.
  • Get everything in writing! This includes the scope of work, pricing, timeline, etc. Having everything spelled out in a contract will help avoid any misunderstandings down the road.

 

We know that being a part of an HOA Board can be a big responsibility, especially when it comes to managing repairs and renovations that can be expensive and time-consuming.

But there are ways to keep costs down without compromising the quality of the work and making it easier on yourself (and your HOA’s budget).

By following the tips we discussed in this blog post, you can ensure your HOA stays on track without overspending.

 

Ready to Learn More?

If you want to dig deep into what an HOA is, we got you covered with our ebook “Creating a Smooth Running Board.”

Get My Ebook