Cost of Deferred Maintenance – $520,000 for failing to adhere to one reserve fund study recommendation

The blog post discusses the consequences of deferred maintenance in condominiums and the importance of adhering to reserve fund study recommendations. It highlights a case study in which a condominium corporation failed to address a recommended repair, leading to significant water damage and a repair bill of $520,000. The article emphasizes the importance of prioritizing necessary repairs and maintenance to prevent small problems from becoming major issues. Additionally, the post suggests that condominium corporations should have a long-term maintenance plan in place and allocate sufficient funds to address maintenance and repair needs.