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…
Search Results for: reserve
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…
The Case of the Missing Condo Reserve Fund!
R.H. from Cook County, Illinois writes: Dear Mister Condo, I moved into a condo complex two years ago. At that time, the reserves were around $180K. I became the president of the board in January, 2019. I am now looking over financial records from 2015-2018. Our reserves went from $379,104 to 214,345 during that time….
Condo Reserve Fund Determination
P.S. from Waukesha County, Wisconsin writes: Dear Mister Condo, How do you determine how much money should be kept in your reserves? Mister Condo replies: P.S., I always like to say that Reserve Funds are part science, part common sense, and part crystal ball! The science is pretty simple. Every single common element owned by…