Looking for ways to reduce expenses

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  • #370442
    bluebeard1
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    I’m running for the board this year on a platform of lowering assessments for everybody. Just wondering if you have any ideas on how I can reduce expenses so I can present them at the meeting? Need your help, thanks.

    #370443
    dolphran
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    Why do you want to lower your assessments? Are they too high? Just wanna warn you that too low assessments aren’t any better than too high. Your HOA can quickly run out of funds to pay for maintenance and upkeep, which is bad for everyone

    #370444
    aidamartinsen
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    This is my first time here but I wanna share the ways we used to lower our expenses: 1) We reexamined our contracts with our vendors and found that some of the services weren’t really important. So we cut those out and renegotiated a better price. 2) We put off a lot of the projects that weren’t very urgent – clubhouse renovations, meeting room improvements, etc. 3) Among the improvements that we did keep was to replace our irrigation system with a smart one. It uses much less water and energy, so you’ll save money in the long run. 4) Energy is one of the most expensive utilities, so we replaced all our lighting fixtures with LED ones. 5) As a way to increase revenue without increasing dues, we started renting out common facilities like our clubhouse and pool areas to residents who need a venue for parties, gatherings, etc. Worked wonders as we were fully booked for many weeks when we first started! Good luck with your campaign!

    #370445
    claireh10
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    Might be controversial but had you considered lowering reserve fund contributions?

    #370460
    houseofrio
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    I love your ideas, thank you

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