Florida is known for its white-sand beaches and clear blue waters. However, when it comes to homes and buildings, proximity to these most beautiful elements of our Florida paradise comes at an increased cost. Simply stated, saltwater poses a unique challenge to buildings close to the ocean.
As anyone who’s lived in Florida long enough can tell you, salt is corrosive. It can be worse, even, than rusting. How bad can it be? It’s extremely harmful to the electrical connections and structural components of a building, including the rebar, metal reinforcements, brick, mortar, and even concrete. Saltwater that touches a structure can also lead to damage like mold. Even salt-rich moisture can cause damage. For these reasons, it is particularly important for buildings in close proximity to the ocean to ensure that their building envelope is properly maintained and timely repaired.
Steps to avoid catastrophe
The closer a Condominium is to seawater, the more likely it is to suffer some structural damage, even after just a couple of decades or less. But, not addressing damage when you first see it can be a recipe for disaster, as by the time that damage is visible to the naked eye, it is likely that much more severe damage exists under the surface.
So what can you do? Here are a few steps to take, depending on your building’s condition:
- Before the corrosion causes catastrophic damage, obtain professional inspections to ensure the integrity of your buildings.
- Apply exterior paint coatings and waterproofing that extend the longevity of a building and reduce maintenance costs. These coatings can prevent saltwater from penetrating the structure and causing instability.
- Maintain reserves and/or maintain a properly funded budget to ensure that the Association has the necessary funds to cover the cost of routine maintenance and repairs.
Where loans come into the picture
So, we have pointed out the steps that you can take for the future to ensure that your community has the necessary funds to perform necessary routine and deferred maintenance. But, what can you do right now if your building needs immediate repairs and you haven’t budgeted accordingly in the past? Borrowing funds may be the right answer for your community.
Borrowing funds relieves the immediate financial burden on the Association and its members, as borrowing allows immediate access to needed funds while allowing repayment over a longer period of time than a typical Special Assessment.
Work with CondoHOA Loans
Your Association may not want to borrow money, but some projects simply can’t wait, and obtaining needed funds through Special Assessment will place a much more immediate financial burden upon your members. Through Katzman Chandler’s CondoHOALoans program, we are dedicated to assisting your Community and its Board of Directors with finding the funding you need to make necessary repairs – even if your Community does not qualify for conventional financing.
Don’t go it alone. Contact us today and let’s discuss how our CondoHOALoans program can help your Community.