top of page
< Back
Category:

Financials

Save this article  > 

Tips To Improve Your Condo/HOA’s Reserve Fund

Author: 
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.

Keywords: 

reserve fund, tips, condominium reserve fund, condo HOA reserve fund, condo association reserve fund, association reserve fund, condo reserve study

Source Citation: 
Kim Brown
Tips To Improve Your Condo/HOA’s Reserve Fund
December 19, 2022
https://www.condocontrol.com/blog/tips-to-improve-condo-hoa-reserve-fund/
Did you find this article useful? 
Your feedback is important not only to us, but to all the other key players in the condo industry.  Help us by letting us know if this article is relevant and useful.  This will help us prioritize articles that provide helpful guidance to other key players like you. 

Please login to use this feature.

bottom of page