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  • Writer's picturejdiaz0597

How can HOA/Condo protect their Assets?

Each Association’s governing document dictate what they are responsible for when creating a budget (i.e. roof, pool, sidewalks, clubhouse etc.,) these are the assets. Most Association have Reserve Funds for the assets to fix, restore and eventually replace. Reserve Funds can be distributed in two ways either broken out by specific items (pool, roof) or pooled into one lump sum. Either way the best method for any HOA/Condo to decide the remaining life of the asset is to do a reserve study. This will give the board and its members a better understanding of the remaining life and if enough funds have been allocated.

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