Reserve Fund Archives - Ask Mister Condo

Condo Owners Question Special Assessment When Reserve Fund is Available

By Mister Condo | March 28, 2019March 20, 2019 by Mister Condo

K.L. from Outside of Connecticut writes: Dear Mister Condo, Should repairs be paid for from reserves or special assessment? Our 30-unit condo is looking at a $200,000 bill to replace and reroute utility lines that apparently weren’t properly installed when the complex was built in the early 2000’s. We have a little over $400,000 in reserves. We have a board member who is pretty adamant that we do a special assessment to fund the repairs, while…

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Lack of Maintenance by Self-Run Condo Board

By Mister Condo | December 18, 2018March 24, 2019 by Mister Condo

D.T. from New Haven County writes: Dear Mister Condo, The self-run condo board is not taking care of the maintenance of our complex. Shingle, roof, painting and paving have not been addressed in years. We pay on an average of 350.00 a month in HOA fees. What recourse do the owners have to get action and for the board to be held accountable to provide proper upkeep for our complex? Is there a state board that…

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Condo Owner Surprised by Special Assessment

By Mister Condo | November 9, 2018March 25, 2019 by Mister Condo

T.S. from Massachusetts writes: Dear Mister Condo, My condo association is planning on replacing all the roofs. We got a letter stating we will have to come up with almost 9,000 dollars or have a monthly increase of 200.00 for 60 months. Can they make us do that? Also, they are having a meeting. In this regards, what questions should be asked at that meeting? I appreciate your help and expertise. Mister Condo replies: T.S.,…

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Paying the Price for Years of Low Condo Common Fees

By Mister Condo | October 17, 2018March 25, 2019 by Mister Condo

A.C. from outside of Connecticut writes: Dear Mister Condo, I live in an 85-unit condo complex that was built in 1970. Many of our residents have lived here since the 80s. Unfortunately for us, the Reserve Study we reviewed before buying listed the HOA health as good and properly funded. The Reserve Study issued a month after our purchase brought to light a number of upcoming expenses to maintain the buildings due to age. What…