|Re: Questions about Reserves Amounts||<– Date –> <– Thread –>|
|From: Sharon Villines (sharonsharonvillines.com)|
|Date: Sun, 8 Jul 2018 18:01:35 -0700 (PDT)|
> On Jul 8, 2018, at 4:54 PM, Jude Foster <foster.jude [at] gmail.com> wrote: > It should be noted that every lender / bank / prospective buyer asks to see > the Reserve Study and wants to know the funding plan and bank account > balances. This is good to hear but we have a long way to go before cohousing people understand how to read a reserve study, and how important those saved funds are. We were lucky to have some fiscally knowledgable people, like Peter Kent who had worked at the FDIC, who insisted on doing a reserve study as soon as we could after move-in. And on keeping as close to the recommended deposits as possible. One other thing I wanted to mention is that many people recommend starting the reserve study before move-in and building a deposit into the reserves as part of the total budget. The information on materials and equipment, measurement, and costs for all the items in the construction are readily available then. Expected useful life can be researched. Then you will then hit the ground running. Including the reserves in the total budget means those figures form the basis of house prices and can be included in mortgages. Sharon ---- Sharon Villines Takoma Village Cohousing, Washington DC http://www.takomavillage.org
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