Southern Terrace HOA: There’s a Difference Between What Something Appears to Cost You—And What It Actually Does
Select quotations from the HOA President, Erin Camden:
"After three years of HA5 in Southern Terrace, it looks like we did it just last week." "It is not always best to look for the lowest cost solution, but to look for the best value solution." "If the road doesn't look nice, that detracts from the entire community."
Southern Terrace is a single-family residential community of 908 homes in Las Vegas, NV. Their community maintains over 1.2 million square feet.
It was important to Southern Terrace in their analysis to get their pavement management strategy right, because their roadways are by far their most expensive asset. They found that by treating their streets properly, that they could double the lifespan. This had a large impact on the financials.
With HA5 they were looking at 3 treatments in 15 years, instead of 5 treatments with other types of surface treatments. It was also important to Southern Terrace that with HA5 they did not have to disrupt their community as often.
Erin recommends to other HOAs to consider the overall, big picture. Looking at just what something will cost today is short sighted. This means performing a full lifecycle evaluation, not just a one-time evaluation. Taking the long term view on your roads can lead to a huge amount savings.
There’s a difference between what something appears to cost you, and what something actually does. Sometimes, the cost of a lower cost up front may actually costs you more. In the case of Southern Terrace, they found that "lower cost" treatments would have actually cost them significantly more as time went on.