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Why Reserve Funds Matter

Author: 
Toronto Condo News
Publication date:
June 23, 2022
Article Summary: 

The article discusses the importance of reserve funds for condo communities. Reserve funds allow communities to maintain and repair shared condo homes without having to go to owners for each and every expenditure. A healthy reserve fund helps pay for expected and unexpected repairs or replacements without causing financial hardship. Potential purchasers look to the reserve fund as an indicator that a community sets aside sufficient funds for maintaining the home, and an anemic reserve fund is a red flag that something is wrong. The article also explains how reserve funds are maintained and how communities failing to maintain sufficient funds may implement a special assessment or borrow money. The keyword for this article is "Reserve funds."



Keywords: 

Reserve funds, condo communities, maintenance, repairs, special assessment, borrowing money, fully funded, potential purchasers, financial deficiency, estimate, inflation, interest rates, unexpected expenses, equipment, infrastructure, regulations.



Source Citation: 
Toronto Condo News
Why Reserve Funds Matter
June 23, 2022
https://tocondonews.com/archives/why-reserve-funds-matter/
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