Soon all homeowners will receive a letter in the mail asking you to vote on how to fund our upcoming roof replacement. It is very important that you fill out and return your ballot on this topic so that the Board can properly plan for this upcoming project.
By 2023 we need to begin replacing our roofs. Our current roofs are old and leaking more and more every year, and they are made of a material that costs extra to insure. The HOA reserve study estimates $859,500 to replacing the roofs and we have been saving up so we can afford in the next few years. Unfortunately, we recently received a new estimate at $1,435,560. That’s a $576,060 difference.
The Board would prefer to tackle this as a special assessment of $6600/unit because that allows us to keep the regular dues low. (Members should still expect an annual dues increase of 5-10% in order to keep up with rising costs as our homes get older and the area gets more expensive.)
In order to give everyone ample time to prepare, this special assessment would be due January 31st, 2022.
However, if a special assessment is not approved by the membership then HOA dues can also be increased by 20% each year to make up the deficiency in funds. (This could mean $522/mo in 2021, $626/mo in 2022, $751/mo in 2023, $902/mo in 2024).
If you have any questions, please join a Board meeting online or by phone, or email help@caminodelprado.org. We need to hear the votes of as many people as possible on this topic.
