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How to plan a condo association budget?

| Condo Reserves |   Fees, Foreclosures, Delinquencies & Collections |  


Question:

I recently purchased a condo in a 2 unit building. The other unit is bank owned and the building does not currently have a condo association.

In order to purchase this unit, we had to become the trustee of the building and head of the condo association. I am in the process of creating a condo association budget and trying to figure out whats costs should be included in the condo fees and what the condo reserve should be for the first year.

Does anyone have any advice on how to go about doing this?


Answers (2)

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