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Is the improvement up-dating of your condo lobby not done since 1986 paid for from your reserve fund or do you need to special assessment?
Wiki User
∙ 13y ago
It depends.
In a community of this age, it's possible that your board has conducted reserve studies and updated them over time, which document the remaining useful life of the real estate assets that are owned in common. This study dictates the amounts of monies -- a portion of assessments -- set aside to maintain the property: specifically, to replace major assets as their useful life is consumed by time.
The lobby may be considered an asset in your reserve studies, in which case, the monies are available for the update.
However, if the lobby has not been included in the reserve study, or if it requires an update in advance of the end of its useful life, or if the update is more expensive than anticipated, then a special assessment is in order to pay for the update.
Wiki User
∙ 13y ago
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