Condo Living 101

Is there a budget for major improvements?

May 12, 2008 on 11:24 am | In More Information | Comments Off

The Homeowners Association takes care of the tenants by paying the bills, taking care of the building and grounds maintenance and making your home a peaceful place. Your pay for their services is included in your monthly dues. However we should always remember that there should be budget allocated for expensive maintenance or capital improvements that include roof repair or replacement, parking lot repairs and repainting. If there are no savings, the HOA will ask you from you a large amount of money. That is why you need to find out if the HOA has an adequate amount of savings that should roughly equal to at least 3 months worth of dues per unit. This way, you would be saved from trouble later on.