Condominiums are now legally obligated to hire a qualified engineering company to examine the building structure and all systems.
The examination will determine the remaining life in each system, eg: how long before the roof needs to be replaced. How long before the building envelope need to be replaced, etc.
The Reserve Fund Study will attempt to predict the costs of repairing or replacing those systems, and the monthly reserve fund contributions by each owner will be adjusted to meet future needs of the fund.Our Latest Web-Stories Never miss an episode of our real estate podcast. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. Check my videos on Youtube