D.M. from Hartford County, Connecticut writes: Dear Mister Condo, Can you advise me of the names of companies in the greater Hartford area that specialize in evaluating future anticipated expenditures based on the age of the development and the capital reserve distributions required to meet those expenditures? Mister Condo replies: D.M., when an association is…
Tag: Reserve Fund
Condo Loan Needed for Unfunded Roof Replacement
K.C. from New Haven County, Connecticut writes: Dear Mister Condo, Our community is in the process of obtaining bids for roof replacement. We will need to take out a loan to cover the costs, and will need to raise condo fees over the next few years to repay the loan while also building reserves for…
Property Values Plummet in Poorly Maintained Condo Association
L.S. from Hartford County, Connecticut writes: Dear Mister Condo, What can you do if the management company doesn’t enforce the bylaws of owners the condo complex is turning into such a mess. Damaged windows, ripped screens, garbage on decks, signs in windows. It’s so disappointing. Letter after letter, nothing gets results. Now my property values…
Condo Association Debt Numbers
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…