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Co-ops with underlying mortgages must share annual budgets with lenders. Property taxes, up to 50% of budgets, are challenging to predict. Tax certiorari lawyers contest assessments, reducing valuations. Finalized budgets consider settlements, keeping buildings healthy and appealing for residents, refinancing, and potential buyers.

After taking over a self-managed co-op with an efficient but communication-lacking board, new measures like Q&A sessions and newsletters improved relations with shareholders. Tech-savvy additions and improved internal communication have shown positive results.

The new mandate requiring co-ops and condos to pay prevailing wages to employees in order to receive the property tax abatement has had a significant impact on budgeting. For condos, this means increasing the budget by raising common charges to meet the prevailing wage requirements.

The reserve fund of a co-op or condo reveals important information about the board's planning, budgeting capabilities, and available resources. A depleted reserve fund and an unbalanced budget indicate significant financial challenges.

When dealing with emotional-support animals, co-op and condo boards must be cautious to avoid violating anti-discrimination laws. Boards often find it challenging to address emotional-support animal cases, even when the unit-owner seems to be in the wrong.

Obtaining access agreements for repairs that require access to neighboring properties can be challenging. Changes in laws and enhanced safety measures have made these agreements more complex. Reciprocal access agreements, where both buildings may need access to each other at some point, can help level the playing field and avoid one party being excessively demanding.

Property managers play a crucial role in helping co-op and condo boards understand the importance of effective scheduling in managing the many moving parts of running a building. Scheduling is essential in maintenance requests, inspection service appointments, and deliveries, and managers must consider various factors like timing, disruption levels, chemical usage, and access.

Co-op and condo boards need to regularly review their policies to ensure they align with the changing real estate landscape and protect apartment values. Three examples of policies that need reassessment are cash down payments, subletting, and pied-à-terre. Adaptation to the changing world is essential to maintain and increase apartment values.

Currently, co-op and condo board clients are facing challenges due to the hard insurance market, with insurance premiums increasing by 5% to 15%. To keep premiums down, boards can review and consider raising the deductible to avoid smaller claims.

The co-op in question installed a $1.5 million electric HVAC system without consulting a mechanical engineer, relying solely on the manufacturer's plan and installation. It was later discovered that the system lacked proper air circulation due to the absence of return lines, leading to its inefficiency. The board should have sought expert advice from engineers or architects and considered a maintenance contract for the system to avoid such issues.