Condo Media - December 2024 - 38

The Region NEW HAMPSHIRE
intentions present on any governing
board, most will encounter situations
in which outside expertise is warranted.
Examples include legal questions,
accounting and tax questions, and
construction and/or engineering issues,
just to name a few. In order to ensure
that projects being planned for the upcoming
year are carried out both timely
and properly, boards should work on
identifying and lining up the necessary
professionals who will play some role
in the process. If outside assistance is
not arranged in advance, a board may
be tempted to " risk it " if assistance can't
be procured instantly and project deadlines
are imminent. Avoid this potential
dilemma by identifying and lining up
any required assistance in advance of
the anticipated commencement of next
year's projects.
The Fab Four
on Condos
A Music-Themed Planning Perspective
[By Gary M. Daddario, Esq., CCAL]
With prior planning articles including
" The King on Condos " (highlighting
Elvis Presley) and " The Chairman of
the Board on Condos " (highlighting
Frank Sinatra), it is time for the next installment
of the annual music-themed
planning article. This year's highlights
the lyrics of the Fab Four: the Beatles.
" Oh darling, please believe me,
I'll never do you no harm " -
Oh! Darling, 1969
The Beatles shared a beautiful sentiment
here. Unfortunately, the average
unit owner doesn't readily believe these
words when it comes to their governing
38 CONDOMEDIA December 2024
board. Given the significant uptick
I've seen this past year in unit owners
filing suits against their associations,
my first piece of advice to boards
going into 2025 is to plan on more
communication with the community.
Short of sharing inappropriate or
premature information, keeping the
community informed is the only foolproof
method of avoiding allegations
of wrongdoing being lodged against the
board and/or property management.
" I need somebody, (help) not
just anybody " - Help!, 1965
Despite the qualifications and good
" Yesterday, all my troubles
seemed so far away, now it looks
as though they're here to stay " -
Yesterday, 1965
There is a date in the past upon which
every condominium was shiny and new.
Depending on how many days have
passed since then, your condominium
may need serious maintenance, repairs,
or replacements soon. Proper planning
for major projects, especially proper
financial planning for such endeavors,
begins, in my opinion, with a quality
reserve study. Reserve studies are
performed by professionals who have
the requisite skills and knowledge
base to both estimate the useful life of
your condominium's components and
predict the cost of replacing them at the
anticipated time when replacement will
be necessary. The most common reason
I hear for the lack of a reserve study is
the cost of the study. This can lead to
financial uncertainty and, eventually, to
special assessments. The costs of special
assessments can be greater than those
for reserve studies. Special assessments
are sometimes beyond the affordability
of the owners. This can lead to missing
payments and collections. Both special
assessments themselves and high
collection cases are factors that weigh
Condo Media - December 2024

Table of Contents for the Digital Edition of Condo Media - December 2024
