There is no justifiable reason under the sun, nor any excuse worth a damn for the Villas’ roof reserve to be underfunded. Until this ridiculousness has been called out for what it really is then this problem will never be resolved.
It is shameful that a minority of members of this community have played fast and loose with the financial integrity of this HOA. Is there any doubt that various board members over the years have conspired and colluded, under the pretense of serving this community, to lead us to this point?
The facts are irrefutable. The villas were constructed between 17-19 years ago (between 2000-2002) and the useful life of the our roof structures is reasonably estimated at 25-30 years from new. After 19 years of so-called funding, the roof reserve has a grand total of just $210,000 set aside. However, the replacement cost for roofing underlayment, flashing and new tiles is in the order of $60,000 – $80,000 per structure or pair of villas.
Therefore, with 28 structures comprising 56 individual homes, and at today’s prices, the target roof reserve is estimated at $1,680,000 – $2,240,000. So how then (it is reasonable to ask) is the potential shortfall of $1,470,000 – $2,030,000 going to be made up in the next 6 to 10 years?
Hurricanes notwithstanding, each individual homeowner might be facing a special assessment of $26,250 – $36,250 in order for the HOA to meet its obligations to repair and replace our roof structures.
It is simply unarguable at this point. The manner in which the roof reserve has been mishandled is an affront to common sense and every homeowner in the Villas needs to prepare to pay the price for years of reckless underfunding.