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Buildings can bolster their reserve fund by incrementally increasing maintenance or common charges and transferring the extra amount to a separate reserve account. Transparent communication is crucial for this strategy's success.

Boards must grasp the importance of building maintenance and decisions, considering the overall property and market value. Management guides boards toward proactive measures, often involving raising maintenance.

Incorporating security measures, such as lock plates, security cameras, signage, and package cages, combats package theft in buildings. Open communication with residents enhances prevention efforts.

Managing assessments and capital projects requires transparency, proactive communication, and detailed bid reports to alleviate emotional reactions from shareholders. Information dissemination is key for smoother processes.

New York's prevailing wage requirement for property tax abatement affects management workloads. Many non-union buildings choose to pay prevailing wages to retain staff and tax benefits.

Umbrella policies are shrinking while premiums rise, leading to maintenance increases. Communication, education, and early action are crucial for boards facing these financial challenges.

St. James Tower Condo faced a hefty fine for not meeting carbon-emission limits. They revamped their systems, gaining tax credits and reducing energy costs, showing the importance of early action.

Don't delay mortgage refinancing. Plan ahead and explore options early. Last-minute actions led a co-op to urgent and expensive decisions.

When taking over a new building, reviewing bylaws, offering plans, and engineer surveys is vital. Schedule B budgeting shortfalls can lead to complex challenges and increased costs. Communication is key.

Refinancing mortgages requires understanding prepayment penalties, which can be sliding scale or yield maintenance-based. Consider lines of credit for cost-effective funding flexibility.