The majority of the residents are retired and do not want to raise the dues in order to build a healthy reserve for roof replacement, siding replacement, new driveway etc. because their argument is that why should they pay more money per month in dues when they may not or probably not going to be in the association in 10, 15 or 20 years and they would rather keep their money in their accounts and earn interest instead of paying more a month in dues.
Historically, the condo association has not planned for the future needs and repairs, has no realistic or sufficient reserve fund and all residents pay ENORMOUS assessments anytime we need a major repair or replacement. A few years ago, every unit owner paid $4,000 in order to pay for the new siding and a few years before that $10,000 per unit for a new roof. My fear is that as the retired unit owners sell off and new residents move in, not everyone is going to have that much liquid cash readily accessible to pay for necessary repairs or replacements to keep up our common area or exterior surfaces on the units. Does anyone have any advice for me to share with all of the older retired unit owners who do not want to raise our dues?
My spouse and I are at least 30 years younger than the other unit owners and do plan on staying for at least 10 or more years and fear that the place will fall apart and look run down because historically and currently the association is not budgeting correctly to plan for future needs and proper reserve. I just want to strive to the retired owners that whether you plan on moving or not, while you are a unit owner it is your DUTY and responsibility as an association member to keep the place up and if it means raising its dues in order to have a proper reserve then so be it. Thanks in advance for your tips and/or advice.