Serving on a condo association board comes with an important responsibility: making decisions that affect your neighbors, your building, and the long-term financial health of the association.
Condo Living Made Easy
Presented by Haus Financial Services, LLC - Elevating Small Condo Management.
Condo Living Made Easy
Managing a condo doesn’t have to feel overwhelming.
Chicago Condo Resource was created to give condo owners and board members clear, practical guidance when it matters.
From expert Q&A answers to real-world insights, you’ll find straightforward information to help you make better decisions, avoid common mistakes, and stay informed.
Get more out of every visit with free member access.
Unlock full articles, complete “Ask the Expert” responses, and deeper insights designed to support your role.
Member Login
As a Chicago condo associations, fall is more than a change in seasons. It's an opportunity to prepare your building for freezing temperatures, snow, ice and the maintenance challenges that come with winter.
Fall is a good time for condo associations to look beyond immediate maintenance needs and ask a bigger question: Are we saving enough for the major repairs our building will eventually need?
A healthy reserve fund isn't simply about having money in the bank. It's about planning ahead for predictable expenses so your association isn't forced into a financial scramble when a major building component reaches the end of its useful life.
When a Chicago condominium association needs more money than its current budget provides, boards typically have two options: increase regular assessments or levy a special assessment.
Neither option is automatically right for every association. The best approach depends on why the association needs additional funds, how much is needed and whether the expense is ongoing or unexpected.