Quote:
Originally Posted by LuvtheVillages
I disagree. If you keep the funds yourself and earn interest on it, what's to stop you from selling and moving out just before the roof needs replacing. Then the next owner gets stuck with the entire cost.
It seems to me that if the roof needs to be replaced every 20 years, then every year, whoever owns the unit should pay 1/20th the estimated cost as their fair share.
That is the purpose of a replacement reserve study.
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A buyer would know how old the roof is and use that as a negotiating point. Everyone at the condos in The Villages have voted to only do special assessments and not pay maintenance monthly and it had worked thus far.