Post by account_disabled on Feb 13, 2024 23:59:02 GMT -5
Chances are you're already an expert on apartment budgeting. However, for many managers, financial planning can be overwhelming and even time-consuming. Either way, knowing how to budget correctly is key to reducing costs; make incremental calculations based on reality, and be prepared for unforeseen events. Therefore, we have prepared a series of tips to help you prepare and submit your budget correctly. Budgeting Basics Before you start budgeting, make sure you understand the law. In Colombia, for example, Law 675 considers everything related to the horizontal property budget. This is also stated in the regulations of each condominium. Regardless, the budget must include all elements that cover every expense incurred by the apartment. These may be: Administration Operation & Protection Accounting Surveillance Public Services Maintenance Repair Supplies etc. Don’t overestimate your budget! Some managers make the mistake of preparing "oversized" or inflated budgets. They do this to ensure that the budget meets all the needs of the property. As a result, management costs are too high and owners are divided among themselves. To avoid this, you can include balances (surpluses) from previous years in your budget. This is an effective way to reduce interest rate increases. Make sure you have a reserve fund to cover emergencies or unforeseen events.
This way, you can pay for expenses not included in your budget. Don’t fail either! While you shouldn't overestimate your budget, you also shouldn't overestimate or underestimate your actual costs; you'll run into a lot of problems in the medium to long term. Use these tips to calculate the increment to include in your lateral property budget Photo by Pexels Calculate the increment Find out if the condominium Turkey Email List you manage is approved for temporary automatic rate increases. This is equivalent to an increase in CPI or LMV and is used to avoid budget imbalances or make retroactive payments. Please note that this is a temporary increase and the Board will meet and approve the actual budget. That is, when the new quotas are formalized. This way, once the budget is approved, adjustments must be made accordingly: invoices are issued or the difference is paid to the co-owners. "The budget is used to determine the expenses that each co-owner must pay to maintain co-ownership."] Likewise, you must remember that the Ordinary General Meeting must be held within the first three months of the year." What to Consider? Insuring Co-Ownership Insurance is a must.
Fortunately, there are now policies specifically designed for shared ownership. “Insurance policies protect the common areas of an apartment in the event of an accident. Including situations of fire, earthquake or social unrest. ” Make sure you include insurance in your budget as it will cover any claims. For example, rebuilding costs in the event of a natural disaster. Also, do not insure co-ownership for less than the actual value as you will not be able to cover the loss . Therefore, before buying a policy, you should first ask for a property appraisal. Choosing a good service company to hire For a condominium, choosing a security company is always a risk. However, nowadays, due to surveillance issues, co-ownership and its managers may Hefty fines will apply. With this in mind, investigate surveillance and private security directors before hiring their services. Likewise, if you are hiring an executive, you must be careful of "ghost" companies. By hiring a serious, experienced, and capable , materially and morally solvent organization to avoid future problems. To do this, ask for a certificate of existence and legal representation issued by the "Chamber of Commerce", verify references, etc.
This way, you can pay for expenses not included in your budget. Don’t fail either! While you shouldn't overestimate your budget, you also shouldn't overestimate or underestimate your actual costs; you'll run into a lot of problems in the medium to long term. Use these tips to calculate the increment to include in your lateral property budget Photo by Pexels Calculate the increment Find out if the condominium Turkey Email List you manage is approved for temporary automatic rate increases. This is equivalent to an increase in CPI or LMV and is used to avoid budget imbalances or make retroactive payments. Please note that this is a temporary increase and the Board will meet and approve the actual budget. That is, when the new quotas are formalized. This way, once the budget is approved, adjustments must be made accordingly: invoices are issued or the difference is paid to the co-owners. "The budget is used to determine the expenses that each co-owner must pay to maintain co-ownership."] Likewise, you must remember that the Ordinary General Meeting must be held within the first three months of the year." What to Consider? Insuring Co-Ownership Insurance is a must.
Fortunately, there are now policies specifically designed for shared ownership. “Insurance policies protect the common areas of an apartment in the event of an accident. Including situations of fire, earthquake or social unrest. ” Make sure you include insurance in your budget as it will cover any claims. For example, rebuilding costs in the event of a natural disaster. Also, do not insure co-ownership for less than the actual value as you will not be able to cover the loss . Therefore, before buying a policy, you should first ask for a property appraisal. Choosing a good service company to hire For a condominium, choosing a security company is always a risk. However, nowadays, due to surveillance issues, co-ownership and its managers may Hefty fines will apply. With this in mind, investigate surveillance and private security directors before hiring their services. Likewise, if you are hiring an executive, you must be careful of "ghost" companies. By hiring a serious, experienced, and capable , materially and morally solvent organization to avoid future problems. To do this, ask for a certificate of existence and legal representation issued by the "Chamber of Commerce", verify references, etc.