Quote:
Originally Posted by GGG
I just want to point out here that if your condo has a 450k gap between what it can recover and the deductible then the reserve fund needs a 450k line item to pay that deductible.
When I was on my board long ago the number of people who asked to keep Condo fees low and to underfund things was crazy. I think tightening up rules around reserve funds and what needs to be covered in terms of unexpected, uninsured items needs to happen.
This needs to happen earlier in life as well. This will decrease the sale prices of Condos as fees would be higher but for any new owners this is a good trade.
|
The standard for reserve fund allocations is supposed to be equal across time periods, but that is generally not how it works out.
I agree that having realistic condo fees in condo marketing documents would solve a lot of problems, but developers would sell less condos, or sell them for less money, so not exactly a big incentive on their part to do that.