No Long-Term Maintenance Plan in the HOA? What Now?
A well-functioning Homeowners’ Association (HOA) should have a long-term maintenance plan (LTMP). However, it’s not uncommon to encounter HOAs operating without one. What does this mean for buyers, sellers, and agents? What is an LTMP? An LTMP outlines the HOA’s maintenance plans for shared areas like roofs, façades, and elevators over the next 10 years….