|RE: HOA Budgets||<– Date –> <– Thread –>|
|From: Rob Sandelin (Exchange) (RobsanExchange.MICROSOFT.com)|
|Date: Fri, 5 Jan 1996 15:04:07 -0600|
Reserves are determined by states condo act. Since Sharingwood is an airspace condo, the act specifies we are not required to create a reserve fund, since in our ownership model there may be no "common" element for the group to have to hold reserves for. A small advantage for single family dwellings. Of course we do have common elements, including a commonhouse and road which will someday need repair. In our state, other forms of condos do have reserve requirements. We actually have an assessments reserve equal to two months worth of assessments, but this is to cover in case someone does not pay their assessment rather than for replacement of anything. Rob Sandelin Sharingwood > -----Original Message----- > From: Zpaiss [at] aol.com > Sent: Friday, January 05, 1996 12:14 PM > Subject: HOA Budgets > Greetings Everyone, > On Jan 2 Rob Sandelin posted the HOA budget for Sharingwood in > Washington and > I notice something that I can't let slip by. RESERVES!!!! > I don't know if it a federal law, but in Colorado a wopping 40% of home > owner > dues are required to be set aside for replacement. This includes > common > house painting, roofing, replacement for the large capital equipment > like > stoves, heating equipment and carpets, pedestrian walkways, and in our > case > the exterior maintenance of the homes (which are legally owned by the > home > owners association). > Our dues here at Nyland in Colorado range from $104 - $160 depending on > a > variety of factors ranging from size of home, number of residents, > square > footage of finished space and exterior square footage. > Hope everyone is enjoying their winter. We just got dumped on with > several > feet of new powder in the mountains! > Zev
HOA Budgets Zpaiss, January 5 1996
- RE: HOA Budgets Rob Sandelin (Exchange), January 5 1996
Results generated by Tiger Technologies Web hosting using MHonArc.