T.C. from Connecticut writes: Dear Mister Condo, What % of condo associations have debt? Is it unusual or common to have debt to finance deferred maintenance? What % of CT HOAs have debt? Is it 10 %, 50%, 90% or other? What % of a condo association’s annual revenues should be used to service debt…
Tag: Common Fees
Condo Common Fee Delinquency Calls for Effective Collections
S.M. from Franklin County, Ohio writes: Dear Mister Condo, There are a lot of common fee delinquency problems due to a poor previous management company. My question is how do we collect effectively? Mister Condo replies: S.M., relying on your management company to collect delinquent common fees really isn’t a sound strategy unless the management…
Condo Fees Don’t Cover Upkeep in Front of Unit
N.N. from Genesee County, Michigan writes: Dear Mister Condo, Hi there! I live in a condo association and pay $200 a month in association fees. Today, I received a letter asking me to remove the weeds in my front yard. These weeds are not in the lawn, but instead in the rocks that are in…
Condo Fees Increased Second Time in One Year
M.H. from Connecticut writes: Dear Mister Condo, Can condo fees in CT increase a second time during the year in order to meet the approved budget? Mister Condo replies: M.H., it would be most unusual for common fees to change mid-year unless the membership had previously voted to do so at the annual meeting. However,…