Thursday, January 23, 2014
by Michael H. Wasserman, Attorney at Law
A startling number of condominium and homeowners associations do not keep reserve funds on hand. Reuters reports that 70%. of all American associations. are underfunded, a 12.5 percent increase compared to 10 years ago. That number seems to be rising.
Certainly, there are plenty great reasons why home buyers might consider condominium projects or houses that are part of a planned community or homeowners association. Common expenses are spread among the community members, which can blunt the costs of maintenance and can also make available more & nicer amenities for all to enjoy. How popular are association communities? Four of five buyers of new homes, including condos buy into an association. 63 million Americans live in community. By contrast, only 2.1 million did so in 1970.