If you’re on a board in a New England condo or HOA, now is the time that you should be talking about making any of the major improvements that you’ve discussed or considered over the past few years. Even if you have a plan in place to do a roofing project or paving job in the next few years, that plan should be reconsidered because of the state of financing today.
According to David J. Levy, PCAM, property manager and owner of Sterling Services in Holliston, Massachusetts, it is still possible to get favorable pricing from contractors today—but that might not be the case in a few years. Add to that equation that interest rates are still pretty low at banks, and it makes perfect sense to get jobs done now.
“Look at what’s happening around you and it’s not hard to see that contractors are looking for business, and you can get very favorable terms right now,” he says. “This won’t last. It makes sense for a condo to jump on the opportunity and do the work that they need—even if they had scheduled it for the future.”
Ralph Noblin, an engineer consultant with Noblin & Associates in Bridgewater, Massachusetts, does a lot of roofing and siding work for condos and HOAs around New England.
“Clearly there are more construction projects going forward and as it continues, contractors will be busier and eventually prices will rise,” he says. “It’s still pretty good right now. Prices are higher than they were last year and they will definitely be higher next year.”