Why Do Assessments Change? We Have Answers!
Financial Focus: Understanding Annual Budget and Assessments Every year, when the Board of Directors passes the new annual budget, a common question comes up among owners: “Why do our monthly assessments keep increasing each year?” It is a completely fair question. As a board, their primary fiduciary responsibility is twofold: to maintain the physical integrity and […]
The Importance of Homeowners in an Association Following The Rules and Regulations
Living in a community offers a unique blend of private homeownership and shared responsibilities. Associations are typically governed by rules and regulations outlined in documents such as the bylaws, covenants, conditions, and restrictions (CC&Rs). These rules are designed to maintain order, protect property values, and ensure a harmonious living environment for all residents. For homeowners […]
Empowering Owners for a Better Community
Living in an association offers many benefits, including shared amenities and a sense of community. However, a community’s smooth functioning often hinges on its residents’ involvement and influence. Engaging with the Association can enhance your living experience and ensure that your voice is heard in decisions affecting your home and community. As the end of […]
Understanding Open Board Meetings for Associations in Illinois
The Importance of Open Board Meetings Open board meetings are a cornerstone of transparency and community engagement in associations. In Illinois, the Condominium Property Act mandates that board meetings must generally be open to all deeded unit owners. This ensures that the association’s operations are conducted in a transparent manner and that unit owners have […]
Upholding Decorum: Navigating Conduct at Association Board Meetings
Association board meetings are formal meetings where the board of directors conducts business. However, these gatherings can sometimes become arenas for discord, where conflicts escalate and civility wanes. Upholding decorum at association board meetings is paramount to fostering an environment of respect, collaboration, and effective decision-making. Setting the Tone – Establishing decorum begins with setting […]
Understanding Your Condo Association’s Declaration: A Guide for Homeowners
Living in a condominium community comes with numerous benefits, including shared amenities, maintenance services, and a sense of community. However, it also entails certain responsibilities and obligations outlined in the condo association’s declaration. This document serves as the foundation for governance within the community, establishing rules, regulations, and guidelines that all residents must adhere to. […]
A Guide to Condo Board Elections
Introduction Condominium living offers many benefits, such as shared amenities and maintenance services, but it also comes with responsibilities, including participating in condo board elections. These elections play a crucial role in shaping the direction and management of your condo community. In this article, we will explore the importance of condo board elections, the process […]
Budget Season
It might be summer on the calendar, but at Advantage Management, it is Budget Season. At Advantage Management, we take pride in our budget process. If you see an increase in assessments, it is carefully thought out and based on what it takes to operate your association. We build our budgets by first filling in […]
Common Questions When Selling or Refinancing Your Unit
When is the best time to sell a home in Illinois? The housing market is usually the most active from late spring through the summer. Buyers tend to start to house-hunt in the spring, and homes listed in the spring tend to sell for higher prices and go under contract faster. Once you have a […]