Most condos and homeowners’ associations prepared their 2022 budgets in the fall of 2021. At that time, the expectation was for 3-4% inflation in 2022. Unfortunately, we are now dealing with CPI inflation of 8.6% in 2022 and real inflation in South Florida feels even higher. Even if you included 5% contingency in your budget, there is a possibility you may come up significantly short this year due to some costs that increased significantly more, e.g., property insurance. Read the entire article……………………………….
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