A.B. from Massachusetts writes: Dear Mister Condo, I live in one half of a 2-unit condo – very acrimonious – neither one has ever paid condo fees – how does a single unit owner (unilaterally and without cooperation from the other) establish a budget/common expenses, so as to make legal any assessment (and subsequent mortgagee…
Tag: Common Fees
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…
Condo Fees for Move-Ins, Move-Outs, and Everything in Between
L.R. from Fairfield County, Connecticut writes: Dear Mister Condo, We are a 64-unit complex in Stamford, CT. I’m trying to figure out what is a fair move-in fee for rental properties. Currently there is a $250 move-in fee and we have no move-out fee. In addition, there’s a $25 lease-filing fee and a personal automobile,…
Collect Your HOA Fees!
J.K. from Cook County, Illinois writes: Dear Mister Condo, As a member of our HOA Board, I wonder if you can give me some ideas on what we can do to force homeowners to pay the assessments that are in the arrears. We send a cordial letter after 30 days but we have more than…