In this installment of UrbanTurf Reader Asks, a reader who lives in a small condo building inquires about the best (and easiest) way to increase the building's low reserve fund.
I own a two-bedroom condo in a five-unit building in Dupont Circle. I purchased the unit in 2010 and have loved everything about living here. The one issue is that the building's reserves are pretty low. Right now, the fund stands at about $10,000. Our monthly condo fees are $225 and there is talk of increasing that to $250.
I know that the most obvious way to raise funds would be to increase the condo fees significantly, but I also know that would be tough on two other owners in the building. Have any UrbanTurf readers dealt with this issue and come up with a better resolution? Thanks!
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This article originally published at http://dc.urbanturf.com/articles/blog/ut_reader_asks_what_is_the_best_way_to_increase_reserves_for_my_condo_build/9375
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