I own a condominium apartment in New Haven and I am trying to find out what other condo associations do

Asked by Susan Jacobson, New Haven, CT Fri Jan 2, 2009

regarding reseve funds. How large a fund is normal, and what are the funds normally used for.

Help the community by answering this question:

+ web reference
Web reference:

Answers

1
Donna Spring…, , 06525
Fri Jan 2, 2009
Hi Susan,

This is a difficult question to answer as it depends on many factors.
1. Do you have a club house, pool or other ammenties that require upkeep?
2. Age of the complex
3. Number of units

Reserve funds are basically used to help cover the costs of overall complex maintenance such as new roofs, painting and other exterior repairs, street maintenance etc. The less in reserve means the larger the "assesment" on individual condo owners when major maintenance is required.

An attorney should have reviewed your condo docs (and financials) when you purchased the unit and if you have any concerns or questions, they and your condo management company should be able to answer them.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more