Reserve fund

You should have more like $100k in reserves. $10k won’t cover much at all. It doesn’t matter that it’s a gut renovation.

yudashasom

in General Discussion 8 years and 5 months ago

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jjbel | 8 years and 5 months ago

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Hi All,
We are living in gut renovated 3-family unit Brownstone condo. As said, this was gut renovated and we have been living here for 3 years. Our reserve fund balance has hovered at $10k. Because of this, one of my neighbors wants to reduce the common charges. Is there a formula for how much of your common charges should go to the Reserve fund ? Looking for some general guidance.

Solomonsmines33 | 8 years and 5 months ago

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If someone wants to sell the bank will likely be looking for you to be putting 10% of your total budget into the reserve fund every year. That’s a general guideline for what you should be doing for your reserve fund. $10K is not a lot of money if something were to happen and you would need work done.