The Wentworth at Charlestown Village
CAMCO advised HOA on most cost-effective solutions for a major capital project.
OVERVIEW
The Wentworth at Charlestowne Village HOA board approached CAMCO to help them determine the right strategy for replacing 11 of the community’s 23 roofs. CAMCO conducted an analysis and determined that replacing the roofs at once versus over a period of time would result in significant savings for the community.
Homeowners Associations throughout the country are constantly faced with a variety of financial burdens that come with the maintenance and upkeep of their communities, from roof replacements to the installation of new building systems and general repairs. One of the main factors to consider is the question of financing. How will the Homeowners Association pay for the project it is undertaking in the most cost effective way? Will it tap into reserve funds or increase monthly maintenance rates for its owners? If it’s a large project, how will it be properly managed?
It’s a question that The Wentworth at Charlestowne Village Homeowners Association (WCV HOA), a Pennsylvania community of 23 two-story buildings, comprised of 126 units, faced. The WCV HOA replaced roofs on 12 of its buildings from 2005-2007, but the remaining 11 roofs needed to be replaced. The question was – should they replace all at once or over a period of a couple of years?
The WCV HOA drew on the expertise of its long-term management company, CAMCO Management, to analyze alternatives and facilitate the particulars of the comprehensive project. Serving condominiums and homeowner associations for 35 years, CAMCO tapped on the skills of its highly qualified managers and supervisors to oversee this multifaceted project.
As the lifecycles of each building/property in the complex varied, CAMCO suggested undertaking the entire project – roofs of all 11 buildings – at the same time, to save time and overall costs. Additionally, CAMCO advised that the HOA work with a financial institution for a loan rather than incur extra maintenance costs. After a financial analysis of several banking institutions, the HOA moved forward with an institution that offered low interest rates and had experience with condominiums and co-ops. It secured a $400,000 loan for the community.
– Solution –
The WCV HOA drew on the expertise of its long-term management company, CAMCO Management, to analyze alternatives and facilitate the particulars of the comprehensive project. Serving condominiums and home owner associations for 45 years, CAMCO tapped into the skills of its highly qualified managers and supervisors to oversee this multifaceted project.
As the lifecycles of each building/property in the complex varied, CAMCO suggested undertaking the entire project – roofs of all 11 buildings – at the same time, to save time and overall costs. Additionally, CAMCO advised that the HOA work with a financial institution for a loan rather than incur extra maintenance costs. After a financial analysis of several banking institutions, the HOA moved forward with an institution that offered low interest rates and had experience with condominiums and co-ops. It secured a $400,000 loan for the community.
CAMCO mobilized and managed the construction teams, schedule, and delivery of equipment and other supplies. In addition to advising the board on its financing options and securing a lender, CAMCO then put a customized plan in place that would take the renovation project from inception to completion. The CAMCO management team met and vetted numerous highly qualified roofing companies and material suppliers, compiled up-to-the-minute reports for the board, oversaw the entire bidding process, and implemented a schedule for the work that would cause as little disruption as possible to the home owners.
