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Tips To Improve Your Condo/HOA’s Reserve Fund

Kim Brown
Publication date:
December 19, 2022
Article Summary: 

Tips to improve your condo/HOA’s reserve fund

In summary, here are some tips to improve your condo/HOA's reserve fund:

Start with a reserve study: Conduct a reserve study every 3-5 years to determine how much money your condo/HOA needs in its reserve fund. This will give your community plenty of time to plan for long-term expenses and provide a quantitative explanation as to why fees or dues need to be raised.

Use the findings from the reserve study: Adjust short-term and long-term budgets to align with the recommendations from the reserve study.

Be transparent with owners: Keep owners informed about the status of the reserve fund, whether it is underfunded or adequately funded. Members should have a clear understanding of the community's financial health and what funds are being used for.

By following these tips, your condo/HOA can set itself up for future financial success and avoid levying special assessments or borrowing money from a lender in the event of large repairs or replacements.


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Source Citation: 
Kim Brown
Tips To Improve Your Condo/HOA’s Reserve Fund
December 19, 2022
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