1.The first step is to hire a property managing agent to help run the scheme cost-effectively by ensuring that all members pay their levy.
2️. Implementing a preventative maintenance schedule can lead to significant savings by identifying and fixing minor issues before they become major repair expenses.
3️. Save on electricity and water costs by using solutions like water-saving irrigation systems, rainwater storage tanks, and solar electricity systems..
4️. Ensure members are also in the habit to save in order to minimizing costly legal actions against levy defaulters.
5️. Review and renegotiate contracts with service providers (security, garden maintenance, cleaning companies) every three years with a clear Service Level Agreement to address risks. Other cost-cutting strategies: -Make facilities like clubhouses, parking spaces, and storage rooms available for members to rent. -Offer additional services like home cleaning, garden cleaning house-sitting, and pet care. -Create facilities like on-site laundromats or business centres.
These guidelines offer a solid foundation for reducing day-to-day expenses in an HOA.