Quote:
Originally Posted by DoubleF
What's also stupid is that the difference between $277-300 or $350 isn't horrific, but by funneling all that extra into the reserve fund early, the risk and likelihood of a crippling special assessment is decreased significantly.
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It depends on how long units are held for. When I was on the Condo board there was a battle between people looking for appreciation wanting to keep fees low and risk special assessments once they had sold vs those who were staying longer term and people who wanted neither.
We settled on pissing everyone off. Special assessments to do some much need work to restore the reserve fund and increasing fees so long term it would be in good shape. We got complaints but know one showed up to the AGM so we were forced to keep our positions for another year. So glad I don’t live in a Condo anymore. Rule number 1 though is sit on the board.
So for new units builders are going to sandbag the reserve fund study and that is in line with the interests of most buyers who view the Condo as a stepping stone to a house.