WHAT’S WORSE: OVER SPENDING OR UNDER SPENDING?

I just got back from New York and New Jersey. My sister bought a beautiful condo in Jersey and I went to visit. She showed me around the community.  Her specific condo building was in fantastic shape.  Carpets in the hallway looked great.  Walls looked good.  Handsome to say the least.

We then went to the main clubhouse.  Beautiful.  Pool room looked dignified.  Wood floors, neat and clean.  Exercise room had nice equipment and the room was in great shape.

My sister then tells me she was told an assessment is coming because the board wants to completely re-do the hallways and the clubhouse.  I was surprised to say the least.  She told me that the Board’s attitude is that the place hasn’t been updated in about a dozen years and that even though it doesn’t look bad, it’s time to update everything.  Whatever is spent on remodeling will be recouped upon sale of your home.  The condo needs to be in tip top shape.  No exceptions.

This really got me thinking.  I can tell you that most boards would not have updated this condominium.  It really doesn’t “need” it.  I’m not saying it can’t look better, but it really did look fine.

Typically, the reverse happens.  The place is falling down.  Paint is peeling off the walls.  The carpet is worn.  There are holes in the walls.  The furniture is old.  Yet, the board wants to keep assessments low and leaves these repairs or modifications for another day and kicks the can down the road.

Which type of community would you rather live in?  Which type of Board is better for the community?  One which may over spend, but makes sure the place is in great shape?  Or, one which pinches pennies and is content that the paint on the walls is from 1965?

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