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REINFORCING RESERVES FOR SUCCESS
By
Rafael Aquino
Published May 31, 2023
In today's blog, we will explore the significance
of embracing positive change and the advantages of the anticipated
changes to the condo association's reserve requirements. These
changes have been designed to bolster the long-term health and
prosperity of our community, ultimately contributing to the
collective success of the association.
By implementing more robust reserve requirements,
associations are actively safeguarding the value of their community
and protecting the investments made by each homeowner. The new
policies mandate the maintenance of reserves for crucial components
such as the roof, structure, floor, foundation, fireproofing
systems, plumbing, electrical systems, waterproofing, exterior
painting, windows, and exterior doors. These reserves ensure that
condo associations have the necessary funds to address deferred
maintenance expenses or replacements exceeding $10,000, thereby
preserving the structural integrity of our buildings.
The recent changes place a renewed emphasis on
the involvement of licensed engineers or architects who conduct
comprehensive visual inspections as part of the structural integrity
reserve study. The expertise and insights provided by these
professionals are invaluable in determining appropriate reserve
amounts based on their findings and recommendations. This
professional guidance enables us to allocate funds more effectively,
ensuring associations are adequately prepared for future maintenance
and replacements.
The financial stability of our community is of
utmost importance, and the updated reserve requirements are aligned
with this objective. Through annual adjustments to replacement
reserve assessments, associations can factor in inflation, changes
in estimates, and extended useful life resulting from deferred
maintenance. This dynamic approach promotes a more accurate
reflection of the association's financial needs, allowing the Board
to stay ahead of potential expenses and ensuring a stronger
financial position in the long run.
Let's consider an analogy to understand the
significance of these changes better. Think of our condo association
as a ship navigating through the waters of a constantly changing
market. The reserve requirements act as the vessel's ballast,
providing stability and balance, allowing us to weather any storms
that may come our way. By embracing positive change and reinforcing
our reserves, we fortify our ship, ensuring it remains buoyant and
prepared to navigate the ever-evolving landscape of property
management.
In conclusion, embracing positive change and
adhering to the new reserve requirements cannot be overstated. By
doing so, we secure our community's long-term health and prosperity,
protect homeowners' investments, and establish a stronger financial
position for the association. Like a well-prepared ship, we are
poised to sail confidently into the future, ready to tackle any
challenges that may arise on our journey toward collective success.
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As the Co-Founder and CEO
of Affinity Management Services, Rafael P. Aquino leads his team to
redefine excellence. They serve community associations
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and effectively with
dedication and passion. Rafael’s energy and positive
spirit is the foundation of Affinity Management
Services’ company culture, which instills enthusiasm and
excitement when providing expert advice to its board
members and relieving the day-to-day burdens of running
a community association.
Since 2007, Rafael has
developed a work culture that values responsive and
high-quality services. He has led his team by following
a proactive vs reactive philosophy. The same approach
Rafael instills in the day to day operations of each
association. Today, Affinity Management Services
maintains its success and benefits as a result of the
foundation Rafael has built and continues to foster by
providing educational seminars, continuing education
classes for association managers and board members
alike.
Rafael and his team help condominium and homeowners’
associations save money and improve their communities.
His calm, personable, and service-oriented nature helps
him to establish strong relationships with ease. Rafael
is known as a sincere and honest leader who looks out
for the best interests of his clients and communities,
and he strongly advocates for their needs. His role
requires coordination and communication, as such he
takes logical and intelligent steps to approach
challenges head-on.
As a graduate of Florida International University’s
electrical engineering program and a licensed community
association manager, Rafael’s education and skills equip
him with unique insights to tackle complex problems
through critical thinking. He understands how each
component within a system works together in order to
effectively arrive at solutions, techniques, and
conclusions. Therefore, as he manages the multiple
challenges of running a community association management
company, he understands how each property is its own
unique system and tailors’ specific services to assure
that all their needs are met.
For more information about Rafael P. Aquino and Affinity
Management Services please visit
www.ManagedByAffinity.com or call 1-800-977-6279
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Doral Office: 8200 NW 41st ST
Suite 200
Doral, FL 33166
Broward Office: 150 S Pine Island RD Suite 300
Plantation, FL 33324
O: 800-977-6279 ● F: 305-325-4053
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