L.B. from New Jersey writes: Dear Mister Condo, What is the HOA reserve fund law in New Jersey? Mister Condo replies: L.B., I had a similar question back in 2015. Here’s what I had to say about it back then – https://askmistercondo.com/new-jersey-hoa-reserve-fund-law/ Honestly, not much has changed. CAI has conducted a state by state review of Reserve…
Category: Condominium
Condo Association Seeks to Assess Elevator Repair Costs to Single Owner
R.L. from Middlesex County, Massachusetts writes: Dear Mister Condo, My condo association sent me an invoice of around $1000 to fix the elevator. They claimed that the elevator was jammed by a toy that my toddler son lost. None of my family was aware of anything like that. My boy lost the toy several months…
Average Percentage of Annual Budget Used to Fund Reserves
J.L. from Connecticut writes: Dear Mister Condo, What is the average percentage of the annual reserve annual set aside by Connecticut condo associations? Mister Condo replies: J.L., great question! Reserve Funds vary by association and there is no such thing as an “average percentage” to set aside because each association is different and each has…
Unregulated Condominium Boiler Creates Scalding Water Hazard
A.D. from Cook County, Illinois writes: Dear Mister Condo, I live in an older condominium building in Chicago (15 units). We all share the same water heater, and the water for my unit which is almost the farthest from the water heater reaches 135F. I can imagine that units closer to water heater are reaching 140F….