TS Today - Creating a Vision for the Future Issue 197 | Page 45

RESORT SOURCES Page 45
tural damage , and mold growth , and require a complete roof replacement instead of a simple repair .
Safety Hazards – Deferred maintenance poses safety risks . Faulty electrical systems , deteriorating structural elements , neglected fire suppression systems and ignored common areas can lead to accidents , injuries , and potential litigation in cases of injury .
Reduced Property Values – Poorly maintained properties often lead to falling property values and a glut of unsold inventory . Potential buyers have a lot of options , as well as renters do . Both buyers and renters tend to shy away from resorts with visible signs of neglect .
Insurance and legal Issues – Failing to address maintenance issues often results in increased insurance premiums , and in some cases , like in Florida , can prevent insurance coverage . Additionally , insurance claims may be denied if damage is attributed to neglect , further worsening financial strain , and may lead to litigation causing the Association significant legal bills .
Transparent Communications - Keeping Owners informed and educated falls on the Board ’ s shoulders . Owners may often complain about something not being fixed or tired interiors and it is ultimately up to them to pay for these things . The importance of maintenance and the financial health of the association is ultimately the Owner ’ s responsibility . Transparency about the need for special assessments , laws , or fee increases helps gain owners ’ support .
Professional Management – A professional timeshare management company , like Lemonjuice Solution , provides expertise in maintenance planning and execution . Our experience can help identify issues , plan strategically , lend money , manage repairs efficiently , and come up with solutions that a Board may not be contemplating .
Planning takeaways
Deferred maintenance in timeshare resorts is a critical issue that requires attention and action from association boards , property managers , and owners
Sep / Oct , 2024 | TimeSharing Today
alike . By understanding the long-term causes and risks associated with deferred maintenance , and implementing proactive solutions , timeshares can ensure the safety , financial stability , and overall well-being of rental guests and owners .
Investing in regular maintenance and proper planning not only preserves property values but also enhances the quality of life for everyone in the community .
Want to learn more about Lemonjuice Solutions ?
If you want to learn more about Lemonjuice Solutions , please call Jan at 863.602.8804 or email her at jan . barrow @ lemonjuice . biz . Lemonjuice Solutions delivers professional management , investment capital , strategic planning , execution , and technology solutions for timeshares , condominiums , and mixeduse properties .
Our Resorts Reimagined™ program rejuvenates and repositions timeshare resorts and condominiums to ensure maximum value for owners .
For more information , please visit our website at LemonjuiceSolutions . com
Deferred maintenance solutions
Proactive Maintenance Plans – Establishing a comprehensive maintenance plan and make sure it is aligned with your reserve study . It ’ s crucial .
Adequate Reserve Funding – When establishing your annual budget , include fully funding reserves . Properly funding the reserves is key and in some states , the owners are not allowed to vote to waive any portion of the reserves . This could be problematic for many and in some states , like Florida , where the Florida Condominium Safety Law demands that in 2025 you must be prepared for a fully funded reserve account .
The recently enacted Florida law now prohibits the previous practice of waiving or underfunding reserves , which had become common among timeshare associations . This leaves many in Florida resorting to special assessments or borrowing the money to meet reserve funding . www . timesharingtoday . com to start or renew memberships .