Our HOA is in reasonably good shape and seemingly well served by our BOD and
property managers, but as an owner who knows how quickly deferred maintenance expenses can add up, I am concerned that we don’t have enough monies set aside in our reserve funds to cover deferred maintenance & inevitable future
assessments. At the last meeting, we discussed ways we can raise more funds for reserves. None of the ideas seemed all that great. How much should an
HOA have set aside in reserves? Is there a legal minimum, standard or other formula to determine what is an appropriate amount to have in
reserves? We are currently considering imposing a “transfer fee” of 1% when ever each unit is sold, but that is not something we can really count on, as condo sales are slow all over. We are also looking at auctioning off extra common area parking spaces to the highest bidder every year? Does anyone know of other creative, legal and effective ways to raise capital for reserve or operating revenues without dreaded owner assessments?
