B.S. from Lee County, Florida writes: Dear Mister Condo, Is my condo association allowed to carry $19,000 of debt due to shortfall in the roof reserves instead of an assessment? Mister Condo replies: B.S., I am sorry that your association is carrying debt. Ideally, the Reserve Fund would have been better funded but that apparently…
Tag: Financial
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…
Owner Installs New Storm Door; HOA Won’t Repair Old Trim
J.B. from Ocean County, New Jersey writes: Dear Mister Condo, I recently had a new storm door installed at my expense. The trim around the door is peeling Is that my responsibility or the HOA? Mister Condo replies: J.B., regardless of who installed the storm door, the ownership of the trim is likely the association,…
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,…