At least 10% of the budget provides funding for reserves, which can go toward building maintenance, repairs, etc. Commercial spaces may not exceed 35% of the condo building’s square footage. Non-Warrantable Condo Non-warrantable condos are condos that don’t meet the lending guidelines of ...
10% of the project budget must be for reserves and maintenance expenses. The area for commercial spaces must be 35% or less than the building’s total area. A non-warrantable condo does not fulfill the lending requirements of Fannie Mae and Freddie Mac. A condominium that has any of the...
homeowners are constantly faced with a multitude of decisions. One of the biggest considerations is whether to opt for a new kitchen or a kitchen remodel. While both options have their own benefits and drawbacks, it ultimately boils down to personal preference and budget. In this article, we ...
” says William McCracken, a partner with Moritt Hock & Hamroff, a law firm based in New York City. “They can pay for these expenditures out of their operating budget or reserves
If a dozen members struggle with paying dues in any given month and your community has 500 condos, you aren't likely to feel the impact. However, if you live in a community of 10 condos and two people fall behind, there goes 20 percent of the association's budget. ...
In troubled times, some boards will turn to their reserve fund as a source from which they can borrow to patch other holes in the budget. “The board will evaluate if it’s better to borrow from reserve fund versus the bank,” says Frumkin. If they know they can pay the money back,...
If your reserve contributions are anywhere close to the 25% of total budget that most associations find is necessary to offset ongoing deterioration and avoid special assessments, you might consider scaling back for a few months. Dropping your contributions by 10% down to 15% immediately offsets ...
and modern amenities at a great price. Marina Cabo Plaza is ideally located on the marina, just a stone's throw to Medano Beach, downtown, and other hot spots in Cabo. This unit faces the street, making it a great option for vacationers on a budget. The unit has high-speed internet...
new organization had to have the administration company carry fidelity insurance rates inside a cost equal to the fresh association’s annual budget and you may reserves. As of , FHA will not want administration companies to create fidelity insurance rates and will undertake the new association’s...
In troubled times, some boards will turn to their reserve fund as a source from which they can borrow to patch other holes in the budget. “The board will evaluate if it’s better to borrow from reserve fund versus the bank,” says Frumkin. If they know they can pay the money back,...