Brat
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I read an interesting article about condos last night. It observed that laws permitting condos, actually permitting banks to offer mortgages to condos, passed in about 1969. The first condos constructed would have been finished in the early 70s. Many states did not require reserves for maintenance so each HOA had to convince owners to pay up as needed or deposit into a reserve account. Most owners wanted to keep their HOA payment low so many associations did neither. Now comes really expensive maintenance costs and many owners can't afford the charge.
Co-ops, on the other hand, are corporations where the Board can assess fees without shareholder approval. Many leases limit special assessments so there is an incentive for the Board to include payments into a reserve account on an ongoing basis. If there is a need for an expensive maintenance project not covered by reserves they can borrow, including the payments in the monthly "rent".
Co-ops, on the other hand, are corporations where the Board can assess fees without shareholder approval. Many leases limit special assessments so there is an incentive for the Board to include payments into a reserve account on an ongoing basis. If there is a need for an expensive maintenance project not covered by reserves they can borrow, including the payments in the monthly "rent".