Balanced Budgeting

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Condominium, co-op, and HOA boards must balance essential infrastructure work with aesthetic and lifestyle improvements. While renovated lobbies, landscaping, and amenities can enhance residents’ experiences and property values, critical building systems must take priority. Reserve studies, multi-year capital plans, and transparent communication can help boards anticipate expenses and avoid costly emergencies.

Jessica Ruiz, SVP – Head of Southeast Operations at AKAM, emphasizes this shift, noting, “One of the biggest shifts affecting condominium communities today is long-term planning. Communities that maintain comprehensive reserve studies, regularly update their capital plans, and communicate openly with residents are consistently making better decisions and avoiding the financial shocks that come with deferred maintenance. Ultimately, the most successful boards recognize that infrastructure and lifestyle are not competing priorities. They’re complementary investments. Residents want beautiful places to live, but those communities only remain desirable when the systems behind the walls, beneath the ground, and above the ceilings are equally well maintained.”

Boards can also reduce costs and disruption by coordinating infrastructure repairs with related cosmetic or functional improvements.

Christopher Alker, RA, NCARB, Senior Vice President at AKAM, explains, “There are not many projects that are both structural and lifestyle,” but points to exterior window replacements and parking-structure traffic coatings as examples. “Old windows can be drafty, difficult to open, and a source of energy loss year-round. Bundling new window installation with Local Law exterior work takes advantage of scaffolding already being present, and saves money by not having to pay for multiple mobilizations.” 

Ultimately, thoughtful planning allows communities to protect their physical and financial health while making strategic improvements that strengthen curb appeal, efficiency, and long-term property value.