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Is there a state law requiring a reserve fund be established for major maintenance on condos?
Andersond1
Your answer depends on the state where the association is located.
Several strategies surround reserve funds, which include:
- Establishing a fund, but not contributing to it
- Maintaining a fund with minimal amounts
- Withdrawing monies from the fund for other than major projects, and then not re-funding the borrowed amount
A proper reserve fund is based upon a current reserve study, and is funded so that no special assessments are planned in order to perform major maintenance, replacements and repairs and pay for them from reserves.
Many savvy buyers review these details before purchasing units in condominuim associations, lenders review them before granting mortages and insurers review these items before writing master policies.
Best practices dictate that reserve studies and reserve accounts be current, robust and sturdy enough to pass scrutiny.
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∙ 10y ago
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Where can you find the average association or maintenance fee for condos in New Jersey?
A local realtor can answer your question.
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"Nice' is relative. It is an established community. A local realtor can answer your specific questions.
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Condos vs. Apartments: Ownership: Condos are individually owned units in a complex, while apartments are rented from a single owner. Maintenance: Condo owners handle their unit's maintenance, while apartment maintenance is the landlord's responsibility. Fees: Condos pay HOA fees for shared costs; apartments pay rent. Customization: Condo owners can customize more; apartment tenants have limited options. Investment: Condos can appreciate and be rented out for income; apartments are primarily rented. Decision Making: Condo owners have input via HOA; apartment decisions are made by landlords. Resale: Condos' value can increase; apartment tenants don't benefit from value appreciation. For more information Visit Condopoint.ca is leading real estate website for buying and selling properties
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Masaic Miami Beach condos http://www.kevintomlinson.com/condos/mosaic_miami_beach Masaic Miami Beach condos http://www.kevintomlinson.com/condos/mosaic_miami_beach Masaic Miami Beach condos http://www.kevintomlinson.com/condos/mosaic_miami_beach
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