Common Mistake in Reserve Plans
A common mistake in Reserve Plans are leaving out long lived components and not accounting for them in newer communities such as subsurface utilities or windows. Technically everything should be considered in a Reserve Plan to be fair to current and future …
Transfer Fees
Using transfer fees for reserve funding can be a risky method of reserving. You can not bank on the actual amounts collected and are dependent on the housing market. …
FHA Reserve Study Requirements
A Condominium association needs to be on an approved list for an individual to obtain a Federal Housing Administration FHA-insured loan. A requirement that Reserve contributions represent at least 10% of the total budget. Associations claiming an exception will need to show …
Reserve Study Updates
Reserve Study Updates are recommended every 2 to 3 years. Alternative companies are an option if you were not completely satisfied with a previous reserve study. It can be well worth extra dollars to contract with a new provider that has more …
WAIVING OF RESERVES
The Florida Condominium Act provides that in addition to annual operating expenses, the budget shall include reserve accounts for capital expenditures and deferred maintenance. These accounts shall include, but are not limited to, roof replacement, building painting, and pavement resurfacing, regardless of …
