Kuester Management Group Strategizes on Reducing Risk of Special Assessments

CHARLOTTE, N.C. - Nov. 15, 2019 - PRLog -- One of the goals of the HOA is to set an effective budget and build its reserves in order to cover not only daily operating expenses, but also special projects, capital improvements, and major repairs. When necessary funds are not available, the board may end up administering a special assessment to cover costs. In a new statement to the press, Kuester Management Group shares ways the HOA can reduce risk and plan accordingly.

"While the HOA cannot anticipate emergencies or disasters, it can put plans in place to prepare as much as possible for unexpected expenses," says Bryan Kuester, President of Kuester Management Group. "That way, when issues arise, the HOA is in a better position to deal with the financial impact."

Conducting an annual reserve study and ensuring that adequate funds are being saved each month can go a long way, says Kuester. That means that when major repairs or replacements are needed, the money is there. The board may need to consider increasing dues if it finds money is tight and not as much is being put toward the reserve as desired or recommended.

"Talk to homeowners about why fees are increasing and what this additional funding will cover," explains Kuester. "Let them know that by saving more now, they'll be less likely to be hit with a special assessment later."

Also ensure that insurance coverage is up-to-date and meets the needs of the association. This can help to offset costs in the event of an emergency. The HOA should do its part to keep up with regular maintenance to reduce risk of problems and prolong the life of assets. Insurance does not necessarily cover issues that arise from neglected maintenance.

Kuester Management Group works with HOAs to implement these strategies and more in order to maintain financial stability and curb risk of needing special assessments. Learn more by visiting www.kuester.com.

ABOUT:

Kuester Management Group, a division of Kuester Companies, works to protect property values and enhance the quality of life in each of its managed communities. Providing a full range of association management services, Kuester Management Group has worked to foster strong, resilient, and unified communities across North and South Carolina. The company is proud to offer on-site property managers, all zealous for building strong communities meant to stand the test of time. More information is available at www.kuester.com or @KuesterCompany.