| Reserve funds ensure that your community can afford major repairs without imposing special assessments. 1. What Are Reserve Funds? Designated savings for future expenses like roof replacements, paving, and painting. 2. Florida Reserve Requirements Florida law requires condo associations to maintain reserve accounts unless owners vote otherwise. 3. Conducting Reserve Studies Hire a professional to assess your community’s future capital needs. 4. Budgeting for Reserves Include reserve contributions in your annual budget. 5. Using Reserve Funds Reserve funds should only be used for their designated purposes. Conclusion Proper reserve planning protects your community’s long-term health. **Contact us to schedule a reserve study for your association.** |
