Particularly in this present decade characterized with a lot of financial difficulties, it is very essential more than ever before, for co-ops boards and condos to seek for means of achieving fund saving in order to run their buildings. Here are some money saving tips to help condos and co-op boards;

Saving Energy in Little Ways: for instance, do not be nonchalant on some obviously negligible costs such as lighting. In sections such as lobby and corridors, it is better to have incandescent light bulbs replaced with fluorescent fixtures. Generally, fluorescent lights burn ten-thousand hours, on the other hand, incandescent light burn about one-thousand hours; although fluorescent is costlier, ultimately, it saves about 60% on electric bills.

There are yet some benefits of switching to fluorescent; incandescent light generates heat on the corridors which in return raises the cost of air-conditioning; using bulbs which last 10 times as long, costly labor hours can be minimized replacing them. Also, utilities such as Con Ed, offers a substantial rebate on fluorescent bulbs.

Conserve Energy in Bigger Ways: in the controversy concerning oil and gas, there are issues regarding each of them. From the economic standpoint, oil is not as efficient; however, due to the fact that a good number of owners have used it for years, they have become so conversant with it that they are less eager to switch. On the other hand, gas is cheaper in comparison with oil; but the weakness lies in the aspect of limited supplier.

Given the circumstances, it is often advised that the board of directors should think of a dual-fuel system which can make use of either oil or gas; this enables building management to tap into the benefits of any option that offers less cost in the mean time. This is a good money saving idea.

Carefully Assess Amenities: evaluate the amenities that are needed and the ones that can be done without; for instance, it is only a handful of buildings that still keep elevators operator in the present time; the ones that do, are only keeping automated elevators. About 180, 000 dollars could be expended by a typical building in paying operator salaries each year; it really makes no meaning to keep these elevator operators. Well, it is perceived that owners are of the opinion that elevator operators raise the market worth of their apartments as well as encourage security perception.

Put a Check on Reserve Funds: with the exception of buildings with strong funds, the reserve should be substantially large to take care of every repair and capital improvement. It is a catastrophic idea to use reserve funds for the daily operations in these buildings.

You should also not be reluctant to query your managing agent concerning building operations as well as costs. With regards to the worth of your apartment, it will be wise to ensure that the information you get is good and thorough.

To ensure that they are obtaining the best for their funds, it is important that co-op and condo owners give a thorough attention to the way their property is being managed