What to know about Condos when buying
Does the 2027 Budget Have the 15% Reserves Needed to Get a Mortgage?
One of the most significant changes impacting condo buyers and associations alike is the increase in reserve requirements. Historically, lenders have looked for condominium associations to maintain a healthy reserve fund, typically aiming for at least 10% of their annual budget allocated to reserves for major repairs and replacements. This fund is crucial because it ensures the association has the money to maintain common elements - think roofs, elevators, plumbing, and structural components - without needing to levy large…
The skinny
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