Failure to fund board’s reserves could have future consequences

Failure to fund board’s reserves could have future consequences

Question: I live in a retirement condominium that is about 40 years old. Our county notified us that our condo must be inspected by an engineer to determine if it has construction deficiencies. The report indicated that our main problem was the roof.

We recently started a fund to replace the roof but we do not have enough, and our board is discussing borrowing the money.

Miami Answer: Maybe you are old enough to remember the advertisement that said pay me now or pay me later. Well, now is later.

As long as I can remember, condominium statutes have required that condominium boards must include reserves for roofing, paving and painting in the annual budget.