Preparing for a New Year in Your HOA

With 2020 coming to a close we look to prepare for 2021 after one of the most challenging years most of us have ever experienced in our lifetimes.

While it has not been the easiest year, we have been amazed and impressed by how HOAs, condo associations and planned communities have risen to the challenges of COVID-19, economic hardships and a rapidly changing world. Unless 2021 has some unexpected curve balls, we feel that we have already seen the most difficult adjustments and 2021 will be more about finding the safest and most effective ways to continue operating.

We wish you the best in your plans for the new year and with this in mind, we have three key components for you to keep in mind as you prepare.

Budget

Budgeting will be perhaps the largest factor in a successful plan for 2021. With the economic hardships we saw in 2020, we can expect to continue to feel the impact. With this in mind, the budget should adapt accordingly. Your community will need to take a close look at liens, pending foreclosures, homes in forbearance and the amount of delinquent assessments. The simple equation of what your association is bringing in vs. what it will need to pay for could be more complicated in 2021.

We recently wrote a blog on addressing HOA needs while adhering to a budget that walks through the key takeaways in budgeting. Essentially, it involves taking a good look at your community’s needs, reviewing past expenses and finances, getting proposals, creating a plan and finally crunching the numbers. The sooner you begin plans for the 2021 budget, the more preparation you will have for the next fiscal year.

Community safety

The health and safety of your community will continue to be a top priority in 2021. Closely monitor CDC guidelines as well as state and local ordinances to ensure that you are in compliance. The wellbeing of your community should be your primary concern in regard to all amenities, community spaces, meetings and gatherings. If 2020 taught us anything, it is that cleanliness and security are our top defenses against the pandemic.

Lifting construction and repair bans

As bans slowly lifted in 2020, we can expect the same in 2021. Many residents with non-essential construction and repair projects will want to see to their repairs and renovations. Keep updated on state and local ordinances to keep your residents safe. Create a plan to manage all visitors to your community that is in compliance with the law while also keeping health and safety a top priority.

What does the future hold? No one can say for certain. But with careful planning and preparation we can do our best to be ready for 2021. We hope for safe and healthy new year, as well as a return to some semblance of normalcy! If we can be of any assistance to you as you plan for the year ahead, know that we are always here to serve.