Condo docs question

I got the condo docs on a place where our offer was accepted and my wife and I are a bit concerned about what we see in the reserve study. It’s from 2019 and says that in their 40-year plan, the HOA will essentially be in the red from 2024 and beyond because their is an $880,000 repair for that year and a reserve that is only around $780,000. The one thing about this is that it seems to be on the assumption that the condo only collects about 73,000 per year in reserve money, though from the look of their December 2021 budget, they collected $113,000. Multiplying that number by 40 and they’re able to meet the projected 40-year repair costs of a little over 4 million dollars. So it seems like they were told what the problem was and possibly fixed it? When going over condo docs, is there someone within the HOA I could talk to and see if this is the case?

submitted by /u/Upper_Ad_4147
[link] [comments]

I got the condo docs on a place where our offer was accepted and my wife and I are a bit concerned about what we see in the reserve study. It’s from 2019 and says that in their 40-year plan, the HOA will essentially be in the red from 2024 and beyond because their is an $880,000 repair for that year and a reserve that is only around $780,000. The one thing about this is that it seems to be on the assumption that the condo only collects about 73,000 per year in reserve money, though from the look of their December 2021 budget, they collected $113,000. Multiplying that number by 40 and they’re able to meet the projected 40-year repair costs of a little over 4 million dollars. So it seems like they were told what the problem was and possibly fixed it? When going over condo docs, is there someone within the HOA I could talk to and see if this is the case? submitted by /u/Upper_Ad_4147 [link] [comments]

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