Real Estate Condo associations should build up reserves for a rainy day
A recent front page article in The Washington Post on the financial problems many aging condominiums in the Washington area are facing prompted me to write this column about the absolute necessity of maintaining adequate reserves. Boards of directors can’t control when personal financial problems force owners into default and foreclosure, reducing the condo’s source of revenue. But they can learn to better manage the funds they have. Read the article…………….