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Reserve Fund Studies: Your Condo’s 30+Year Maintenance Plan (and What That Means For You As a Condo Owner)
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Imagine planning 30 years into the future…
Where will you be? What will life look like? And how will you protect your roof (and other assets)? WHAT?!
Most people we know aren’t thinking 30-50 years down the road when it comes to roofing; however, in the condo world we sure are!
Joining Michelle today on the podcast is Jamie Poodry, VP and money guru at MF Property Managament, and Henry Jansen, professional engineer with Criterium-Jansen Engineers, to share about reserve fund studies. If you don’t know what they are, here’s a quick recap:
A reserve fund study is a minimum of a 30 year maintenance plan and determines how much money needs to be in the reserve fund to ensure the repairs can be paid for in the future. The study is prepared by a specialist, such as an engineer. Guess who pays into the reserve fund each month? That’s right, condo owners!
Listen to this episode to learn:
• The difference between a reserve fund and a reserve fund study.
• What goes into the study and how is the study determined?
• When are the financial and inspection updates done? And how do these updates affect condo fees?
• What condos are planning now with the massive increase in the cost of building supplies.
• What happens when you don’t have enough money in the reserve funds at the time a repair is required?
Get these burning questions answered by listening to this episode!
Please share this podcast with a friend so they, too, can learn more about condominiums (and reserve fund studies!).
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