V.S. from Putnam County, New York writes: Dear Mister Condo, My condo association just put in new roofs and walk ways and stone work. They increased the common charges for the work that was done. My question is that not every unit got stone work. I suggested at the last meeting they the units that…
Tag: Financial
Condo Reserve Fund Contribution versus Operating Fund Surplus
C.D. from Sarasota County, Florida writes: Dear Mister Condo, Florida condo. Budgeting – I understand there are 2 parts to the budget: a. the yearly operating budgetb. the reserve budget (spending plan). Our membership votes annually to approve the operating budget proposed by the board, and separately approves our reserves spending plan (we are “pooled reserves” although…
Condo Board Seasonally Turns Off Water Heater Rendering Laundry Room Useless
K.F. from Ottawa County, Ohio writes: Dear Mister Condo, Our buildings have 5-6 units each. In each building there is a community laundry room. Each load of laundry to wash and also to dry is $1.25. Just received word from the Board that they will be turning off the hot water tank in the laundry…
Mold Remediation Required a Full Year After Condo Leak Repaired
E.F. from Broward County, Florida writes: Dear Mister Condo, Condo repaired leaking pipe between 1st and 2nd floors. They did no air drying after repairing the pipe. A year later we found mold on a connected wall which must be remediated before selling our unit. Is the condo responsible for mold remediation? Thank You! Mister Condo replies: E.F., I…