Has your association been charging a Move In and/or Move Out deposit? If you are collecting money and returning it after the move is complete, you're missing an opportunity to put additonal income into the association's bank account to cover necessary maintenance over time.

Entryways, hallways and stairwells can take quite a beating each time an owner or tenant moves into or out of a condo building. This is particularly true if your associaiton has a large number of rental units. Eventually, repairs and maintenance need to be completed to mitigate dings and scrapes and freshen up these common areas. Move In and Move Out Fees (rather than deposits) can help to cover this work when it needs to be done.

Charging a fee, which the association keeps, is less complicated and more financially attractive than a deposit. These funds are added income to the association, and boards don't have to worry about holding payments or issuing refunds after a move. 

Note that a Move In/Move Out Fee is separate from a charge for any serious damage done to the common elements by owners or tenants. The association can also charge the cost for those repairs back to the offending owner. Simple wear and tear, however, should be covered by the fee.

It's a new year and a great time to re-examine your association's processes for moves. Move In/Move Out Fees are is a simple way to promote financial health in your association.

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