When buying a home, there are a lot of things to consider about the community you buy into. Should it be a mandatory or voluntary association? Have they saved for a rainy day? Do they host community events? Can you Skype in to a Board Meeting? And of course there is the ever important Starbucks Effect! We've got the answers to all of these questions because it all happened this week in Community Association Management!
As an educated member of the Community Association Management industry, you already know how crucial it is to stay informed and up-to-date on the latest news, trends and happenings within the industry. Each week, we bring together our favorite reads of the week and share them with you! Enjoy the CAM Mash Up and feel free to share it too!
Rainy Day Fund
Let’s go back to basics and talk about Reserves Accounting. What should the contribution percentage be? How do you track it? What do you do when it comes time to spend it? This article covers all of the above and so much more!
The Starbucks Effect
Are you a homeowner within a quarter mile of a Starbucks? Well, you’re in luck! “Between 1997 and 2013, homes closer to the coffee shop increased in value by 96%, compared to 65% for all U.S. homes.” “But dig a little deeper and it's kind of a chicken and egg situation -- it's not like Starbucks can take credit for changing a community. The coffee chain is very good at finding locations that are up-and-coming.”
Skype me in!
One board president in New York City has found a rather ingenious way to attend his board meetings while escaping the winter weather and vacationing in Florida. Most likely while sipping on a rum runner and laying pool side, the president of this HOA skypes himself into the meetings back in New York. Sounds like a win-win to me but is it acceptable practice?
“Community events are essential and can have a major impact on a community association. They can build a sense of community, facilitate neighbor interaction and can even be the deciding factor when a homebuyer is considering buying into your HOA.” What types of events does your community host each year?
Voluntary vs. Mandatory
“When most people hear the term HOA, they assume it’s mandatory. However, there are some neighborhoods with voluntary community associations, which offer a little more leeway. But, even these voluntary community associations come with their own pros and cons.” Do you know the difference?
Do You Have Big News This Week?
If you've got big news that would be relevant to other CAM professionals, please share it with us in the comments below