One great feature of living in any HOA is that you can group the cost of some services. Much like buying groceries in bulk, this allows everyone to save a little bit of money. Check out these four services that your condo should buy in bulk to save everyone a little cash.
One utility that is often purchased in bulk for HOAs is cable. There are many different cable providers available, so when a condo promises to send a lot of business to one provider, they are likely to reduce the price, so everyone has a lower cable bill. The only downside is that members may have a different preferred cable provider. In some cases, they may be able to still chose that provider (and sacrifice the discount) but to get the deal, the condo may require residents to use their provider. Internet and landline phone providers are also good places to check because as with cable, they have a lot of competitors.
Vendors who provide services like repair work, cleaning, etc. offer another thing to buy in bulk. For example, if a condo owner is going to have someone out to clean their carpet, they may be able to get a reduced price if they ask around to see if any of their neighbors also want to have their carpets cleaned. Since the vendor will be in the area anyway, and because they’ll get more clients, they may give everyone a discount.
Insurance is always a good service to buy in bulk, and you probably already know this from personal experience. If you have group health insurance through an employer, your monthly premium may be much lower than if you purchased the same plan on your own. This is because with a group, there are more people to share the costs. Board members should try to get condo insurance through one provider, so everyone can join as a group and get a lower price.
If one person in a condo needs a new big appliance like a new stove, they may not be the only one. Just like more than one person may need the same vendor service, someone else may also need a new appliance. If a lot of people do, the condo may be able to get a better deal on them because they are buying so many at once.
Buying in bulk is always a great way to save. Condos can help reduce a lot of costs associated with utilities, vendors, insurance and appliances when they group these costs together.