We’ve posted articles in the past about the importance of associations maintaining adequate reserves for the repair and replacement of the capital components in their communities that the association has the duty to maintain, repair and replace.  Section 55.1-1965 of the Virginia Condominium Act and Section 55.1-1826 of the Virginia Property Owners Association (POA) Act both require that associations conduct a reserve study every five (5) years.  Both Acts also require that the Board of Directors review the reserve study on an annual basis to determine if the association is collecting adequate reserves in the annual budget to make sure funds are available each time a capital component needs major repairs or replacement and to adjust the reserve budget annually if necessary. 
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If you own a single family home and your roof needs to be replaced, you either have to take money from savings or borrow the funds to pay for it.  Either way, it’s your sole responsibility to replace your roof.  But what if you own a condominium unit and the roof of your building needs to be replaced or the streets need to be repaved? What if you live in a homeowners association and the pool deck needs to be replaced?  Don’t you expect all of the owners in the community to contribute to the costs and don’t you expect there to be enough money in “savings” to pay for it. 
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