The new year is just around the corner and many condo associations are preparing for the changes that come with it. There are a number of things that need to be addressed before the New Year, either with your St. Petersburg condo management company or as part of the board. Here are things that every condo association should be thinking about before they start their preparations for next year.
Make Sure You Have the Right Insurance
Insurance is one of the first things you should look at if you are a condo association. Many associations have insurance through their condominium management company, but it’s important to know what type of coverage you have.
Condominium associations are required to have insurance that covers the exterior of the building or condo units, as well as damage or injury to people on the property. Insurance should also cover the association’s common property as well as the liability for any damages caused by the association’s negligence or violations of law. This is a good time to make sure your condo association has the right insurance and to review it with your condo association board.
Update or Replace Your Budget
One of the most crucial things for a condo association to do is to update or replace its budget for the year. To do this, you should also have a clear understanding of your funding sources and your projected expenses. You also need to understand what taxes are required for your condo association. This will help you plan on how to best manage your finances throughout the year.
After you’ve done this, plan out how to address any potential emergencies or events that could affect your budget for the year..
Consider Updating Your Bylaws
Every condo association should look over its bylaws to see if there are any updates necessary before the new year. The first step is to consider any changes that should be made to your bylaws. By updating your bylaws, you can make sure that all legal requirements are met for the new year. This includes making sure you comply with any changes in laws or other requirements.
Update Your Website and Social Media Accounts
It is important that condo associations update their website and social media accounts with information about the new year. A common mistake that condo associations make is to not update their site and social media accounts regularly.
The new year is just around the corner and many condo associations are preparing for the changes that come with it. For help from St. Petersburg condo management companies in preparing for 2022, contact Wise Property Management through our proposal request form.