C.G. from Bristol County, Massachusetts writes: Dear Mister Condo, I thought the Reserve was the balance left in the bank account. Can you please explain the difference? Mister Condo replies: C.G., the balance left in the bank account is just that – the balance. A Reserve Fund is an entirely separate account or accounts where…
Search Results for: reserve
Underfunded Reserve and Lack of Condo Volunteers Likely Related
M.M. from Fairfield County, Connecticut writes: Dear Mister Condo, 2 questions: We are a 36-townhouse community (in 5 buildings) that is 5 years old. We had a capital reserve study done about 3 years ago and the report we received said we should be putting $45,000 per year in reserves. This seems high – your…
Leaky Condo Roof Reveals Lack of Reserve Fund
C.B. from Oklahoma writes: Dear Mister Condo, We have an old condo complex that was built in 1964. Needless to say, we cannot afford new roofs (one million dollars to replace them all) so we patch them the best we can. We have an owner who just bought a condo last year and had a…
Mandated HOA Capital Reserve Fund Contribution
L.R. from Litchfield County, Connecticut writes: Dear Mister Condo, Currently, 10% of our HOA fees are put into a Capital Reserve Fund. Some of our units are 12-years old, and the newest ones are 2 years old. Is there a mandate in Connecticut designating what percentage of HOA fees are to be allocated for Capital…