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Using Trulia in 06511 : Real Estate Advice

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Activity 1
Fri Jan 2, 2009
Donna Springer answered:
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.
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