Who runs a condo? A condominium is collectively run by the unit owners. These unit owners are all members of the condominium corporation. They manage the property, finances, records, reserve fund study agreements and other related matters. ...
How Much Money is in the Reserve Fund? The reserve fund is a crucial factor to consider before buying a condo. It is a pool of money set aside for future repairs and maintenance of the common areas within the condo community. Knowing the reserve fund's current balance is essential as it...
This can give you an idea of how well the HOA is managing its funds, how often dues are raised and by how much, and whether you might be faced with a special assessment in the near future. Ask about the reserve fund, as well. This acts as a form of savings account, where the ...
Looking to use your VA loan to buy a condo but unsure if the property is on the VA-approved list? Discover the steps involved with securing a VA condo approval.
Points:A mortgage point or discount point is an optional fee a borrower can pay to lower their rate. How much do mortgage interest rates vary across lenders? Mortgage rates can vary substantially fromlender to lender. This is due to differences in their pricing strategies, cost structures, marg...
Often, part of your monthly HOA dues goes toward your HOA’s reserve fund. This fund pays for known upcoming maintenance or big projects, as well as emergency repairs for shared spaces. If your HOA doesn’t have enough in reserves to pay for a project, it can issue “special assessments...
If you live in a condo, your COA is responsible for the maintenance of everything outside your unit. Remember, condo owners own everything within the interior walls of the unit. The HOA retains ownership of everything outside the unit and is responsible for all exterior maintenance. Amenities...
better your position from which to negotiate on behalf of your board and/or shareholders. Applying thermography can be of help with building condition assessments and engineering reports prior to refinancing, re-negotiating insurance policies, or to determine what constitutes an adequate reserve fund....
A reserve fund is a savings account or other highlyliquid assetset aside by an individual or business to meet any future costs or financial obligations, especially those arising unexpectedly. If the fund is set up to meet the costs of scheduled upgrades, less liquid assets may be used. For ...
The direct cost to reside in the unit can be more expensive than owning a condo since the owner will charge more than the cost of a mortgage to make a profit. However, on average, renting an apartment is less expensive than owning a condo as apartment renters do not pay association fees...