What are the Responsibilities of a Condo Board?

Many people considering buying a condominium often ask what the condo board does. Understanding what role they play in the process can help you understand the condo process and life a little better. 

Reserve Amount

One of the biggest things that the condo board has to do is determine the reserve amount for the condominiums. The reserve amount is the amount of money that needs to be saved in a fund for repairs and maintenance throughout the year. They have to make sure that the amount is high enough that it covers all of the maintenance, but is not so high that the members of the condominium can not afford it. This is usually accomplished by hiring a condo reserve study done by a professional firm.

Additionally, the board will decide what repairs and maintenance will take place in the building. Most of the time, they will place options up for a vote so it is important to be an involved homeowner. Otherwise, you may be paying for repairs you do not agree with.

Governing

The condo board also does a lot of the work that is necessary to govern the condominiums. When you live in a condo, you will have certain rules that you have to live by. These rules are determined at the discretion of those on the condo board. 

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