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To Reserve Or Not To Reserve and How it Impacts the Community (FL)

It is not uncommon for boards to try to keep assessments down especially during times like COVID-19. One way that a board can accomplish the “appearance” of keeping assessments down while still covering the day-to-day expenses is to waive or underfund the reserves. At the time, waiving or underfunding reserves may not seem like a big deal but association reserves serve a very important purpose to slowly save money over a longer period of time for big ticket items, capital expenditures and deferred maintenance for which the association may be responsible for maintaining, repairing and/or replacing.    Read the article………………………………..

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#floridacondotelmortgage #floridacondotelfinancing #floridacondotel

Rates posted assumes 25% down payment, and an ARM and fixed rate first mortgage on a Florida condotel, secondary residence. Additional required amounts such as taxes, insurance, home owner association dues, assessments, flood insurance or other such required payments should also be considered. Not all individuals will qualify for a mortgage loan. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. **Posted APR is based on Mortgage Assumptions
 
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