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A full budget review will take place and it must be determined that 10% of the association's operating funds is allocated to reserves 4. When you need a condo reserve study conducted, it's vital that you choose an architectural firm known for taking the time to customize that study to reflect your property's unique needs. Therefore, a condo that is purchased after careful consideration and sound judgment can turn into a great investment when you decide to move on to a bigger place. We all know that today's real estate market needs as many buyers as possible. It will allow your association the ability to tap into this large pool of FHA homebuyers. While each unit is a "home", the larger property as a whole must serve the needs of the entire community. Outsourcing of Duties The board is also responsible for hiring professionals with the goal of making the association a success. 9. Financial management responsibility One of the responsibilities of the board members is to ensure that the community or property stays within the set budget in every case. Then, like today, the housing market was in terrible condition and needed help. Over time, those common areas will experience wear and tear and must be maintained and repaired. Although some condominiums are specifically designated for a certain segment of society such as senior citizens, most are open to anyone and the experience of living in one could make you feel like the entire city is living on your block, having people from a multitude of characters and professions as your next door neighbours. Realtors will add your association to the list of places to show. It will put your condo or townhome on the radar screen for many buyers. There are few things as vital to creating an ideal reserve fund than a condominium reserve study.
Gulf Stream Condominiums
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