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Question: Our professional manager charges a 5% oversight fee for renovation and insurance repair projects that the homeowner association enters into. Is this common?
Answer: The manager should not be expected to work for nothing. Extra work justifies extra pay. It's common for an HOA manager to charge an hourly rate for project oversight. However, it's important to have someone that is knowledgeable about the particular work being done.
Oversight of straight forward projects like painting could be done by the manager but complex structural or roof work, for example, demand a higher degree of expertise. If the project is lengthy and multifaceted, it makes sense to hire a construction manager to schedule the phases, coordinate material delivery, perform progress inspections, process change orders and approve payments. The cost is more than worth the expense to ensure competence, good work and timely completion.
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Question: What should a homeowner association expect to pay for a professional management and what services does that include?
Answer: The cost of professional management is based on the size and complexity of the property and the scope of work. For example, a 100 unit condominium association with pool and clubhouse is more labor intensive than one without pool and clubhouse. A 100 unit condominium is usually more labor intensive than a 30 unit complex. For common wall communities, average fees range from $15 to $30 per door per month. To solicit quotes from companies that specialize in HOA management, you need to develop a Request for Proposal (RFP) which outlines what level of service you want. A form for this purpose is available to Gold Subscribers of www.Regenesis.net in the Manager Issues section.
Question: Our property manager told the board that no more than two can meet at a given time. If three of us get together, we have to post the meeting because we have a quorum.
Answer: If the board is deciding HOA business outside a formal board meeting (in the parking lot, by email, etc.) it qualifies as a board meeting and should be noticed to the homeowners. Emergency meetings sometimes need to be called but lack of planning does qualify as an emergency. Hold meetings in a visitor friendly location to encourage participation. Open meetings and frequent communication promote trust.
When you’re getting ready to shop for a house, you need to be clear on your current financial situation and where you need to be ideally before you start trying to work with lenders.
The amount of existing debt in your name will play a big role in whether you’re approved for a mortgage and how much house you can buy.
Paying off as much debt as you can before you start shopping for a home loan is critical, but it’s not an easy undertaking.
When you get ready to pay off debt, you might want to follow a method like the debt avalanche or the debt snowball. These are two popular methods to tackle debt, and they have a lot of similarities but a few differences which we compare below.
The general idea of both the avalanche and snowball method is that you’re paying minimum payments on all your debt except the one your primarily focusing on at the time.
The debt avalanche method begins by figuring out the minimums you have to pay on all your debt, with the exclusion of your current mortgage if you have one. You’ll order your debts from the highest interest rates down to the lowest. Then, you’ll create a budget.
Your budget will show you how much more you can put toward debt every month to speed up your payoff.
Whatever the highest-interest rate debt is, it becomes your priority. If you have an extra $200 you can put toward debt, which you see after creating a budget, that money goes toward your highest interest debt each month until it’s paid off.
You keep moving down the list based on the highest interest rates, rolling your minimums into your extra payment amount until everything is repaid.
You have to be mindful of things like a promotional interest rate ending.
The avalanche method is a cheap, logical, and easy-to-follow path to getting rid of debt, but it can take a while.
With the snowball method, the underlying concept is the same, except you start paying off your debts with the one that has the smallest balance. You work your way up to the biggest balance, and you don’t consider interest rates in the order of repayment.
The snowball method works well for someone with a lot of little dispersed debt. You might be managing many minimum payments, and you can feel like you’re always paying bills which gets discouraging.
When you start paying the smallest first, you can feel like you’re making some success as you chip away at them.
People find that mentally the snowball method works for them because it builds their confidence as they tackle increasingly large challenges throughout the process.
Some people feel strongly about both methods and favor one over the other.
The avalanche method tends to be the most logical approach, while the snowball method is more emotional because it’s about little wins.
Regardless the biggest takeaway is the same—you should choose one debt and put as much towards it as you can until it’s paid off. Pick whichever you want, but you’re creating a more manageable situation for yourself by choosing one.
Many different models are available on the market, and deciding which one is best for your kitchen can be difficult. Color and style are two crucial factors to consider when choosing cabinetry.
In this post, there is a list of essential tips that you can follow to choose the best cabinets for your kitchen. While there are several options available in the market, choosing products from a reputed company benefits in many ways. So, if you are looking for cabinets San Diego, now you know which website to check.
Here are some pointers to consider while selecting cabinet styles for your kitchen.
Those Pinterest and Houzz photographs are just fantastic! Especially after all of the lighting upgrades and strategically positioned fruit bowls and hand towels, those cabinets stand out genuinely. If you have the financial means to do so, you should not hold back! Otherwise, return to reality with the rest of us and conduct some research on the cost of a kitchen renovation.
Various things determine the cost, but creating a budget for your new or rebuilt kitchen is the best place to begin. There are some general budgeting standards for products like cabinets, countertops, and appliances, so starting with a budget will help you determine how much you should expect to spend on cabinets.
You'll be better equipped to decide on the wide range of possibilities available to you once you know how much you're willing to spend.Cabinets are priced based on the number of units purchased and the number of features included. There are numerous options and improvements available, raising the price.
Because cabinet doors are one of your kitchen's most apparent design aspects, choosing the right door style is crucial. Therefore, it's essential to think about the style of your kitchen. For both traditional and modern kitchens, there are various door types to choose from.
It's critical to select cabinets that complement your kitchen's color scheme and style. The type of cabinetry you choose is influenced by your home's current design and style. The opposite is also true: the style you select will impact the appearance and feel of your kitchen.
Selecting kitchen cabinets is not a problem when there is wide availability. For example, some people choose to put more drawers under their counters and add pull-out storage instead of shelves. There are several techniques to enhance the flair of cabinets including the addition of textures or ornamental glass doors. Finally, ensure that the cabinets are in good working order.
When deciding on cabinet kinds, think about what you'll be storing. After all, cabinets are designed to hold things. Make sure the cabinets you select are appropriate for the items you wish to store. Make sure they're a good fit for your way of life.
Choosing the appropriate hardware is crucial because your cabinets are an essential aspect of the kitchen's design. Selecting the proper handles, pulls, and knobs are critical to achieving a trendy and elegant design. In addition, there is a wide variety of styles, finishes, and colors. Therefore, hardware selections are essential in creating a beautiful and stylish kitchen.
When you own a short-term rental, your ultimate goal is to increase the occupancy as much as possible, meaning more revenue. You need to build a strong reputation and have great guest reviews to do this.
Impeccable guest reviews mean your listing is honest and transparent, so they know what to expect. You also want to go the extra mile to make their experience great.
While an Airbnb experience is different from staying in a hotel, you still want your guests to have what they need. There’s no requirement that you have to stock a short-term rental with hotel-like amenities and supplies, but not doing so could be disappointing, and your reviews and ratings could take a hit.
When you supply what your guests needs, it’s an upfront cost, but often not a major one, and it can easily pay for itself and then some.
So what’s most important to the majority of guests?
In the bedroom, of course, you’ll have the basics like a comfortable bed and nice sheets. Also, consider adding clothes hangers and two pillows per guest, and make an extra set of linens available. Guests might also appreciate a safe in the bedroom.
The bathroom is where you can go above and beyond to provide items that travelers might not pack.
Things to include in your short-term rental bathrooms are:
You can also think about including a basic hairdryer in the bathroom.
A fully-stocked kitchen is often one of the top reasons travelers say they choose rentals over hotels. Many people like to cook when they’re traveling, and they also like the convenience of being able to make a cup of coffee without going out.
Things to make sure your kitchen includes are:
No matter what you specifically decide to stock your rental with, you want to keep it all organized, and you want a system to know when something is about to run out.
Take account of everything in your rental. This should include things like your furnishings and the items your guests use, like the ones above. Then, you can keep an inventory on-site in a locked closet and share the inventory list with your cleaners, so they know what to restock and when.
When your cleaners use your inventory checklist, they can let you know when items are running low. You can even schedule to have items delivered to your home on cleaning days if you aren’t nearby.
Some short-term rental software platforms will offer an option to automate inventory tracking and management. The cleaners can use this, and then you’ll also know when you need to replenish something. You’ll all be seeing the same thing as far as tracking.
As a final note, while you want your guests to be comfortable and have what they need, you also have to be mindful of theft and inventory loss. Keep a close eye on everything in your home and keep up with your inventory lists, so you always know if something goes missing and easily make sure your property is always ready for your next guests.
Think you might have trouble qualifying for a mortgage because your current credit load is a little on the high side? You'll want to speak directly with a loan officer to get a bit more specific but if you want or need to pay down debt before applying for a mortgage, there are some things you need to know.
There are two classifications of monthly payments lenders pay attention to. The first compares the total monthly mortgage payment with gross monthly income. The second looks at the first combined with all other monthly credit obligations such as a car or credit cards. Most loan programs like to see the front 'rato' be around 33 percent, expressed as 33. The back ratio likes to be around 43. Both of these numbers can be a bit flexible so make sure you don't prequalify yourself on your own. Too many times potential borrowers run their own numbers and mistakenly assume they can't qualify.
If you do want to pay down your debt, for whatever reason, there are ways to do it. The first one is to pay down existing credit balances. That seems a bit obvious I know but it's also good to know how far down to pay these balances. Lenders do want to see some credit usage so paying down your balances to zero might not be as big of a bood as one might think. It helps, don't get me wrong. But the ideal credit balance seems to be around one-third of credit lines. You can pay this down in one lump sum or by making extra payments each month.
Another tip is to pay down installment debt to less than 10 months remaining. Most loan programs ignore installment debt when there are less than 10 months on the note. If you've got a car payment with less than 10 months remaining, it won't be counted. A car loan is a good example. Speaking of car loans, a leased automobile with less than 10 months remaining will cause some additional paperwork. Lenders know that at the end of the 10 month period, you'll need to return the vehicle to the dealership or otherwise secure financing to replace the lease with a new installment loan.
One final note. If after submitting your loan application and the lender says you need to lower your ratios by paying down some outstanding debt, you can do that as well. As long as the lender says its okay while the loan is still in process, this will lower your monthly credit payments. If this is permitted, be prepared to provide sufficient documentation that you have enough verified assets to both pay down the debt to acceptable levels while at the same time leaving enough funds available for 'cash reserves.' Cash reserves are funds that are required to be untouched after the loan has closed. Lenders want to make sure you have some money left over when the dust settles. Six months or so of monthly payments is typically enough to meet a reserve requirement.
Your loan officer can walk you through debt reduction both before and after submitting an application. Just make sure you don't try to do this on your own, you need some guidance with this.